The Los Angeles Times reports today that Gary Barber and Roger Birnbaum, founders of Spyglass Entertainment, have signed a non-binding letter of intent to manage MGM, according to familiar sources.  They are also discussing a Chief Operating Officer position for veteran Hollywood executive Ken Schapiro. 

They write: “Schapiro is partnered with Amir Malin in private media investment fund Qualia Capital, which earlier this year proposed restructuring MGM with a $500 -million cash infusion to keep the studio alive as a scaled-back operation.”   The Hobbit production would need such an infusion of cash to get off the ground. 

There is more issues to consider before the deal can be approved and MGM’s sixth forebearance date (September 15th) is looming.  Read the entire story here.