23 Mar 2010

MGM Saga : Time Warner Leads The Bids - If Money Were Cakes (part 3)


And so MGM saga continues. Reuters ia reporting that last Friday deadline for a second round of bids for MGM has come and passed and its been 'unofficially' extended to allow last minutes bidders to put down their offers. Its been revealed that at least 3 Major bidders offered between $ 1.2 and $ 1.5 billion for the famous studios. Time Warner Inc is currently in the lead however MGM is disappointed as there was hope bids could reach at least $ 2 billion. Time is really running out for the 'Old Lion', creditors are getting restless and they will meet next week to discuss the situation. I am sure many of you will ask what MGM money problems have to do with Hobbits...quite a bit actually. MGM studio owns a piece of the two "Hobbit" films to be produced by Peter Jackson. Time Warmer Inc has secured "The Hobbit" safe delivery. In the last few days we had (some kind of..) confirmation that filming will start in July but still no casting announcement nor a definitive decision on 3D. It does almost feel like all the information are been kept under wrap until MGM's future becomes clearer. If money were cakes MGM would have a huge belly ache at the moment for eating way to much cakes that it could take....lets hope for a speedy resolution , looking forward to the day I will be able to post The Hobbit cast and confirmation filming has started.

(Source : reuters.com)