TheOneRing.net has received rock-solid information from an absolutely reliable source that the MGM financial situation is indeed what is behind the delays of the start of “The Hobbit.”
The venerable film studio behind James Bond and about 4,000 other titles is reported to be in about $3.7 billion in debt but holds the distribution rights for two “Hobbit” films that are under contract to be made by Warners Bros. The two studios have an agreement in place to produce and distribute the film but financial difficulties for MGM, including the potential sale of the studio and its holdings, including rights to the films based on the book by J.R.R. Tolkien, has delayed the films.
The source inside the production has told TheOneRing.net that all of the wrangling with MGM is indeed a significant part of possibly pushing the films back.
“At this stage we are all working and hoping for the best case scenario. Without a doubt, the MGM situation carries great importance.” Continue reading “Source says the MGM situation of ‘great importance’ to two potential ‘Hobbit’ films”
Daily Variety reported that Sands would be leaving the company after many of his duties were usurped by the appointment of Mary Parent to head of MGMs worldwide motion picture group earlier this month.