Ringer spy Earl provided a story hot of the presses from the Los Angeles Times that says MGM’s management is no longer in control of the studio’s fate and that debtholders are now the decision makers.
The MGM Saga is developing into a film-worthy drama all its own (one that will never get a greenlight) and the article states: “The internal divide and lingering uncertainty demonstrate how tortured MGM’s reorganization process has been and how the balance of power has shifted from management to lenders.”
For fans this means that non-entertainment types are now calling the shots and how that plays out is completely unpredictable. There is one tidbit about the two movies based on J.R.R. Tolkien’s “The Hobbit” to be directed by Guillermo del Toro and produced by Peter Jackson:
“Though Time Warner’s bid has not been officially rejected, people at the media giant’s Warner Bros. studio have been frustrated by the protracted process, in part because it and MGM co-own the rights to movies based on J.R.R. Tolkien’s “The Hobbit,” which are currently in development.”
The article explains a lot more of the intricacies of what is going on. How does this fit with the report that filming will start in November? We have our feelers out and will update you as soon as we hear anything definite.
