8 Sep 2010

Spyglass signs a letter of intent to take over MGM

The Los Angeles Times and Reuters are reporting that Spyglass Entertainment has signed a 'non biding' letter of intent to take over the management of movie studio Metro-Goldwyn-Mayer. The signed letter must now be approved by the creditors and board of directors. The deadline for MGM debts repayment is next week, therefore we can expect a resolution of some sort before then. I would hope the creditors and directors will now approve this deal that would free the studios to start working again on several projects, including of course, The Hobbit movie.