MGM Looking to Sell Entire Film Library and Studio
According to The Wall Street Journal, MGM is planning to sell its entire film studio which includes its wide and rich film library as well as TV-titles they’ve produced. The company, who has a reported market value of around $5.5 billion, has already tapped two investment banks -Morgan Stanley and Lion Tree LLC.- in order to kick-start the formal sale process.
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According to the outlet, MGM is hoping that their vast library content would attract companies, who are interested in expanding into the streaming landscape. MGM currently has ownership on over 4000 titles and 17,000 hours of television programming. This includes big franchises such as the James Bond films (with No Time to Die currently slated for a April 2, 2021), Rocky, The Hobbit, Pink Panther, Candyman, and RoboCop as well as acclaimed TV series The Handmaid’s Tale and Stargate.
The studio also has the rights to upcoming projects such as: Ridley Scott’s star-studded crime drama film Gucci; a third Creed film; a Pink Panther reboot; Ron Howard’s Thai cave rescue film Thirteen Lives; Peter Dinklage-led musical film Cyrano; a Tomb Raider sequel starring Alicia Vikander; and the long-awaited Legally Blonde sequel featuring the return of Reese Witherspoon’s Elle Woods.
Are you sad to see MGM selling off their studio? Who do you think will acquire it? Sony? Warner Bros.? Apple? Let us know in the comments below!
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