Last week news came out that MGM Studios is in deep debt, possibly close to filing bankruptcy and having to close down. The main question that many have, is what will this do to the two biggest franchises MGM has, James Bond and The Hobbit?
This is worrying news for anyone who is a fan of either of these franchises. Reportedly MGM needs $150 million in order to finish out the year, a large sum that in this economy is tough to come by. Since MGM has no money, will James Bond and The Hobbit fall by the wayside? Most likely not.
James Bond is the longest running franchise in film history, if MGM's monetary woes continue, the producers will most likely start shopping around for a new studio to back the Bond franchise, and many believe that if that happens MGM will fold indefinitely. The same goes for The Hobbit, I mean Peter Jackson and Guillermo Del Toro have already plopped down so much money on this film that they will most likely follow the Bond producers and shop around for funding.
Even still, this is sad news if both of these franchises depart from MGM, because that will most likely be the end of one of the studios that has been around since the inception of the film industry. It is responsible for some of the greatest films of the Golden Age, and it will be a great loss to lose such a historic figure in the entertainment industry.
Here's hoping MGM manages to keep trucking and all will settle itself.
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