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Spyglass Entertainment

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BUSINESS
August 11, 2010 | By Claudia Eller, Los Angeles Times
After several weeks of haggling over deal terms, Spyglass Entertainment is in the final stages of hammering out an agreement to take over the management of debt-ridden Metro-Goldwyn-Mayer, according to people familiar with the situation. The parties have agreed on the major deal points, including how much Spyglass founders Gary Barber and Roger Birnbaum would be compensated in management fees and equity, but a few outstanding issues need to be resolved, said one of the people, who added that an agreement would be consummated shortly.
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ENTERTAINMENT
October 4, 2012 | By Ben Fritz and Nicole Sperling, Los Angeles Times
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.
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BUSINESS
November 4, 2010 | Ben Fritz and Claudia Eller, Los Angeles Times
Metro-Goldwyn-Mayer, the fabled studio whose origins go back to Hollywood's earliest days, filed for bankruptcy protection, sagging under a mountain of debt. The filing, made Wednesday morning in New York, came after MGM's leading creditors struck a deal with corporate raider Carl Icahn, who had amassed about 15% of the company's debt and was previously pushing for a merger between MGM and rival studio Lions Gate Entertainment. Instead, Icahn agreed to support a plan under which the chief executives of film production and finance company Spyglass Entertainment will run MGM when it exits Chapter 11, which could occur as quickly as next month.
BUSINESS
January 19, 2012 | By Lauren Beale, Los Angeles Times
Entertainment industry executive Roger Birnbaum and his wife, Pamela, have put their Beverly Hills home up for sale at $15.75 million. Completed five years ago, the nearly 7,200-square-foot contemporary farmhouse was a project of former talent manager and high-end remodeler Sandy Gallin. The Birnbaums bought the house from him in 2007 for $16.5 million. The four-bedroom, five-bathroom house sits behind gates on close to a half acre with a swimming pool and gardens. The two-story living room has sliding-glass doors that open to a veranda.
BUSINESS
October 27, 2010 | By Ben Fritz, Los Angeles Times
Carl Icahn is turning up the heat on Metro-Goldwyn-Mayer's creditors to reject the Spyglass Entertainment management plan and merge the financially hobbled studio with Lions Gate Entertainment. The billionaire investor on Tuesday launched a new tender offer to buy a majority of MGM's $4 billion in debt for 53 cents on the dollar. The bid gives MGM's debt holders, who are determining the future of the near-bankrupt studio, a premium over the current trading price of about 45 cents on the dollar.
BUSINESS
October 29, 1998 | MARLA MATZER
In a deal estimated to be worth $250 million, European media giants Kirch Group and Mediaset have agreed to invest for five years in films from newly formed Spyglass Entertainment. The two companies will receive theatrical, video and television rights to between 15 and 25 films for Germany, Italy, Spain, Poland and the former Soviet Union. Spyglass previously announced a deal with Walt Disney Co., which has domestic distribution rights to its films for the same period.
BUSINESS
December 10, 2002 | Claudia Eller
Spyglass Entertainment, the independent financier of the 1999 blockbuster "The Sixth Sense," has signed a deal to finance and produce movies with DreamWorks. Spyglass, formed in 1998 by co-Chairmen Gary Barber and Roger Birnbaum, was free to enter into the pact after the expiration of an exclusive production deal with Walt Disney Co., which still owns 10% of the company as one of its three equity partners. The nonexclusive pact allows Spyglass to take projects elsewhere if DreamWorks passes.
BUSINESS
January 19, 2012 | By Lauren Beale, Los Angeles Times
Entertainment industry executive Roger Birnbaum and his wife, Pamela, have put their Beverly Hills home up for sale at $15.75 million. Completed five years ago, the nearly 7,200-square-foot contemporary farmhouse was a project of former talent manager and high-end remodeler Sandy Gallin. The Birnbaums bought the house from him in 2007 for $16.5 million. The four-bedroom, five-bathroom house sits behind gates on close to a half acre with a swimming pool and gardens. The two-story living room has sliding-glass doors that open to a veranda.
BUSINESS
November 3, 2010 | Reuters
Metro-Goldwyn-Mayer Studios Inc, one of Hollywood's most storied film studios, filed for bankruptcy protection on Wednesday after struggling for years to reduce its debt load. The filing follows last week's vote by MGM creditors to put founders of Spyglass Entertainment at the company's helm, dealing a blow to Lions Gate Entertainment Corp's own merger proposal. The "pre-packaged" plan would allow MGM secured lenders including Credit Suisse Group AG and JPMorgan Chase & Co to swap more than $4 billion of debt for most of the equity in a reorganized company.
BUSINESS
August 21, 1998 | CLAUDIA ELLER
In trying to find ways to manage risk in a capital-intensive, low-return business, Hollywood's major studios have been increasingly depending on production outfits that can bring their own financing to the table and serve as reliable suppliers of top-grade product to their distribution pipelines.
BUSINESS
December 13, 2011 | By Ben Fritz, Los Angeles Times
The historic MGM film studio, which made "The Wizard of Oz" and "Singin' in the Rain" on one of Hollywood's largest lots and for decades boasted that it employed "more stars than there are in heaven," is today housed on six floors of a nondescript Beverly Hills office building. Sent into bankruptcy last year after decades of dysfunction, the former home of Louis B. Mayer and Leo the Lion is now led by two low-key executives who have transformed the 87-year-old studio into, essentially, an international TV rights company servicing MGM's library of 4,100 movies.
BUSINESS
August 20, 2011 | By Ben Fritz, Los Angeles Times
Carl Icahn still wants to see Hollywood's two lions get married. The billionaire investor has been quietly accumulating more shares in Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp. as he continues to seek a merger of the two independent studios. Since MGM and its roaring lion logo emerged from bankruptcy in December, Icahn has increased his holdings to about 20% from 15%, according to people familiar with the matter who were not authorized to speak about the company's financial details.
BUSINESS
December 3, 2010 | By Ben Fritz and Claudia Eller, Los Angeles Times
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.
BUSINESS
November 4, 2010 | Ben Fritz and Claudia Eller, Los Angeles Times
Metro-Goldwyn-Mayer, the fabled studio whose origins go back to Hollywood's earliest days, filed for bankruptcy protection, sagging under a mountain of debt. The filing, made Wednesday morning in New York, came after MGM's leading creditors struck a deal with corporate raider Carl Icahn, who had amassed about 15% of the company's debt and was previously pushing for a merger between MGM and rival studio Lions Gate Entertainment. Instead, Icahn agreed to support a plan under which the chief executives of film production and finance company Spyglass Entertainment will run MGM when it exits Chapter 11, which could occur as quickly as next month.
BUSINESS
November 3, 2010 | Reuters
Metro-Goldwyn-Mayer Studios Inc, one of Hollywood's most storied film studios, filed for bankruptcy protection on Wednesday after struggling for years to reduce its debt load. The filing follows last week's vote by MGM creditors to put founders of Spyglass Entertainment at the company's helm, dealing a blow to Lions Gate Entertainment Corp's own merger proposal. The "pre-packaged" plan would allow MGM secured lenders including Credit Suisse Group AG and JPMorgan Chase & Co to swap more than $4 billion of debt for most of the equity in a reorganized company.
BUSINESS
October 30, 2010 | Claudia Eller and Ben Fritz, Los Angeles Times
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.
BUSINESS
September 9, 2010 | Claudia Eller and Ben Fritz
Spyglass Entertainment founders Gary Barber and Roger Birnbaum have signed a nonbinding letter of intent to take over the management of struggling Metro-Goldwyn-Mayer as co-chairmen and co-chief executives, according to people familiar with the deal. The Spyglass executives have also been in talks with veteran Hollywood business executive Ken Schapiro to join the nearly bankrupt studio as chief operating officer once they take the reins. Schapiro is partnered with Amir Malin in private media investment fund Qualia Capital, which this year proposed restructuring MGM with a $500-million cash infusion to keep the studio alive as a scaled-back operation.
BUSINESS
October 8, 2010 | By Claudia Eller and Ben Fritz, Los Angeles Times
Marking an end to a torturous yearlong reorganization process, Metro-Goldwyn-Mayer announced Thursday a plan that would see more than $4 billion in debt wiped out and the chief executives of film production company Spyglass Entertainment take over management. The plan, which still has to be approved by nearly 100 creditors, calls for the faded Hollywood studio to be shrunk into a production company releasing about half a dozen pictures annually and run by Spyglass co-chiefs Gary Barber and Roger Birnbaum.
BUSINESS
October 27, 2010 | By Ben Fritz, Los Angeles Times
Carl Icahn is turning up the heat on Metro-Goldwyn-Mayer's creditors to reject the Spyglass Entertainment management plan and merge the financially hobbled studio with Lions Gate Entertainment. The billionaire investor on Tuesday launched a new tender offer to buy a majority of MGM's $4 billion in debt for 53 cents on the dollar. The bid gives MGM's debt holders, who are determining the future of the near-bankrupt studio, a premium over the current trading price of about 45 cents on the dollar.
BUSINESS
October 8, 2010 | By Claudia Eller and Ben Fritz, Los Angeles Times
Marking an end to a torturous yearlong reorganization process, Metro-Goldwyn-Mayer announced Thursday a plan that would see more than $4 billion in debt wiped out and the chief executives of film production company Spyglass Entertainment take over management. The plan, which still has to be approved by nearly 100 creditors, calls for the faded Hollywood studio to be shrunk into a production company releasing about half a dozen pictures annually and run by Spyglass co-chiefs Gary Barber and Roger Birnbaum.
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