Spyglass Entertainment Interested In Running MGM Studios
Posted on Wed Aug 11, 2010 02:18 PM PDT

mgmlogo200.jpgMANHATTAN, New York (X17online) - Gary Barber and Roger Birnbaum, who currently run Spyglass Entertainment, are in talks to run the financially-troubled MGM Studios.

MGM, who is currently facing a $4 billion debt, has been rumored to be close to filing for bankruptcy. As for the studio's assets, they currently own the Hobbit and James Bond franchises. Just recently it was announced that the upcoming 23rd Bond flick had been indefinitely cancelled due to the instability of MGM.

The studio is currently undergoing debt restructuring, but once the financial side levels off, MGM plans to list its value at just under $2 billion.

As for Spyglass, it is owned by Cerberus Capital Management, a private equity company. Spyglass, which was launched back in 1998, is reportedly interested in a 4% stake in MGM.