Welcome to 2011 and TheOneRing.net. We have been around for a while now but this is an exceptionally exciting time heading into a year that will finally see the production of ‘The Hobbit’ start in earnest.
2010 was pretty eventful in dramatic and difficult ways. With lots of J.R.R. Tolkien books on our shelves along with our Middle-earth inspired movies, it will be fun to follow the production again as Peter Jackson, Weta and Warner Bros. move a reportedly wonderful two-part scrip from the page into digital 3D (also available in 2D!) The year ahead will bring us plenty of news, ideas, rumors and fun.
While many media outlets world wide will jump on the Hobbit news-reporting bandwagon, we will stay right here in our well-worn and comfortable seats and enjoy the ride.
We look forward to the experience along with you, dear reader. As always, TORn remains not-for-profit and forged by and for fans of J.R.R. Tolkien so thank you all for your past and future contributions and support. This is going to be fun!
LOS ANGELES, CA, December 20, 2010 – Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the company’s restructuring has become effective, with exit financing of $500 million in place. The company’s “pre-packaged” plan of reorganization (the “Plan”) was confirmed on December 2, 2010, by the U.S. Bankruptcy Court for the Southern District of New York.
“MGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the opportunity of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms,” said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. More..
Variety reports today that MGM, the studio co-producing the upcoming Hobbit films, has begun laying off employees to cut costs and, once it emerges from bankruptcy as early as next week with $500 million in cash available once it secures a JP-Morgan Chase loan, will be seeking an additional loan of $265 – $275 million to co-finance the Hobbit films.
Layoffs, which had been anticipated, began Friday at MGM headquarters in Los Angeles and were mostly in distribution and marketing. MGM disclosed in recent bankruptcy filings that it had planned to cut the staff to about 320 from more than 400 but a spokeswoman indicated Friday that the number of cuts will be significantly smaller.
MGM, which has released only one film this year, received approval on Dec. 2 from a bankruptcy court judge of its “pre-packaged” plan of reorganization. Studio plans to emerge from Chapter 11 as early as next week with $500 million in cash available, once it secures a JP-Morgan Chase loan.
With Spyglass Entertainment toppers Roger Birnbaum and Gary Barber in charge, MGM’s expected to seek a separate loan of $265 million-$275 million for its share of the back-to-back “Hobbit” movies.
The figures should provide a very good indication of the total production budget for the two Hobbit films. Join the discussions over at our message boards – there’s just about two months to go before principal photography begins.
(Reuters) – Metro-Goldwyn-Mayer Studios Inc won a federal judge’s approval for its bankruptcy reorganization plan, clear the way for the storied Hollywood studio to emerge from Chapter 11 under new ownership.
U.S. Bankruptcy Judge Stuart Bernstein approved the plan at a hearing on Thursday in Manhattan, with a written order expected to follow. Jay Goffman, a lawyer for MGM, said the company expects to emerge from bankruptcy in a few weeks.
Founded in 1924 and known for its roaring lion logo, MGM produced, released or controls many of Hollywood’s best known films, including the James Bond, Pink Panther and “Rocky” film series, as well as “Ben-Hur” and “The Wizard of Oz.” More..
The staff here at TheOneRing.net is dedicated to bringing you, our readers, the most up-to-date, thorough coverage of the Hobbit movies available on the internet. To that end, we’re excited to unveil a brand new section of the site, accessible by clicking the “The Hobbit” icon at the top right of the Home Page. In this “one stop shop” you’ll find detailed biographies of all the cast members as they’re announced, bios of the corresponding characters in the book, and a Hobbit FAQ that will be updated regularly as the production moves along. It also features some stunning character pictures from our guest artists who so far include Charles Burggraf, Colleen Doran, Donnato Giancola and Ted Nasmith. We invite you to send along any ideas you have for future updates and, as always, to join us on our Hobbit Movie discussion board and/or in Barliman’s chatroom.
Many, many thanks to the following staffers and members who contributed to getting the new Hobbit section of the site ready for its debut: Ainu Laire, Altaira, batik, Calisuri, deej, dernwyn, entmaiden, Garfeimao, grammaboodawg, Hamfast_Gamgee, Kangi Ska, Magpie, MrCere, N.E. Brigand, NottaSackville, Quickbeam, Sarumann, weaver, Xoanon.
Fictional Frontiers with Sohaib is talking a lot of “Hobbit,” these days as news comes out fast and furious. Sohaib keeps inviting the TORn staff back and we keep on talking. You can hear the latest segment here along with some other great topics including “Star Wars”.
Dear reader – 
(Reuters) – Metro-Goldwyn-Mayer Studios Inc won a federal judge’s approval for its bankruptcy reorganization plan, clear the way for the storied Hollywood studio to emerge from Chapter 11 under new ownership.
