Wednesday, November 11, 2009

MGM headed for sale

It's sad to see a giant fall but this is probably not the last time we'll see this.

Looks like MGM is another of the giants to find out that the world of Entertainment has changed & they were too far behind to keep up. They've changed hands a few times over the years, didn't opt to keep their deal with Disney and what used to be the MGM studios in Orlando and now news trickles down that the studio will likely go up for auction in pieces in the next few weeks.

Apparently, in the current market place MGM is only worth 1.5 Billion. That's nuts when you consider the catalog of films it has behind it & the iconic image that the logo holds in the entertainment industry. But times are tough & if they are choosing to let it all go on the market, they will not get what they 'think' the studio is worth.

Here is the real problem, they have nothing New to offer the world now. This year MGM only released 1 film, a remake of FAME and it did not do well, big surprise. Plus their list of films for 2010 do not sound impressive either, "Hot Tub Time Machine", "the Zookeeper" and a Remake of "Red Dawn". God Bless them for trying but this is sad.

Hot Tub Time Machine? Are they kidding with that title? (shakes head)

more of the story available over at VARIETY

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