July 31, 2012 |
Carl Icahn, who only a year ago hoped to combine two studios and create an entertainment empire, has retreated from Hollywood by selling his stake in Metro-Goldwyn-Mayer. The billionaire investor has quietly sold his approximately 25% stake in MGM, the 88-year-old studio behind the James Bond series and the upcoming "Hobbit" trilogy, back to the company in a deal worth $590 million. The move comes less than a year after Icahn sold his 33% stake in film and television studio Lions Gate Entertainment, which he originally wanted to merge with MGM. MGM agreed to pay Icahn $33.50 for each of his 17.6 million shares, according to a confidential letter sent to other stockholders and obtained by the Los Angeles Times.
August 1, 2012 |
Metro-Goldwyn-Mayer has sold most of its international television channels to help generate cash to buy investor Carl Icahn's 25% stake in the studio and to focus on being a pure content company ahead of its planned initial public offering. Beverly Hills-based MGM announced Wednesday that it had sold branded networks in Spain, Turkey, Israel, Benelux (Belgium, the Netherlands and Luxembourg), Poland, India and Southeast Asia, along with a pan-European and Asian channel, to Chellomedia, an international media company that has long worked with MGM on its overseas networks.
December 3, 2010 |
After 18 months of turmoil and uncertainty, MGM has gotten a green light to start anew. A New York federal bankruptcy judge on Thursday confirmed the "prepackaged" plan by creditors to wipe out about $5 billion in debt, clearing the way for the 86-year-old entertainment company to focus its efforts on producing and releasing movies and television shows. With Thursday's ruling that the plan meets the requirements of the U.S. Bankruptcy Code, no legal obstacles remain for MGM to relaunch under Spyglass Entertainment founders Gary Barber and Roger Birnbaum.
February 20, 2013 |
Las Vegas has been "engaged in a high-stakes restaurant arms race since it welcomed Spago 20 years ago," the New York Times wrote last year of the area's eateries that brought in $8 billion in 2011. Amid all the Godzilla -sized mojitos and celebrity-chef-driven menus on the Strip, healthy fare usually isn't at the top of the list. So I was surpised to find a Healthy Eating mobile app from (drum roll) MGM Resorts International . Of course, "healthy" is a subjective term (more on that later)
October 4, 2012 |
With an initial public stock offering expected by the end of the year, the historic film studio Metro-Goldwyn-Mayer's executive ranks were shaken Wednesday by the surprise resignation of co-chief executive Roger Birnbaum. The departure leaves Birnbaum's longtime partner Gary Barber as sole CEO of the Beverly Hills company, home of the upcoming James Bond film "Skyfall" and "Lord of the Rings" prequel "The Hobbit: An Unexpected Journey. " Birnbaum and Barber have been partners since 1998, when they co-founded the film finance and production company Spyglass Entertainment.
October 30, 2010 |
In a major step toward ending a tortuous yearlong process to reorganize the beleaguered studio, Metro-Goldwyn-Mayer creditors have approved a plan to enter a prepackaged bankruptcy and hand over management to the chief executives of Spyglass Entertainment. The plan's passage was enabled by a surprise about-face by corporate raider Carl Icahn, according to three people close to the matter. Previously, Icahn, a major MGM debt owner, was aggressively trying to kill the Spyglass plan in favor of a merger with Lions Gate Entertainment Corp.