The recent economic downturn has had a ripple effect across the economy and now it’s threatening two of our favorite film prospects: The Hobbit and James Bond. In a conference call to bondholders studio Metro Goldywn Meyer sought funding to shore up the rest of the year and get projects on track. As money dwindles from MGM, management made a desperate plea to creditors:
“…with a request, or forebearance, to waive interest payments on MGM’s $3.5 billion killer debt until February 2010. Because if MGM doesn’t have to make those interest payments, then the studio can afford to use that money instead to fund the production slate.”
Just how bad is MGM at the moment? It needs, “$20M in short-term cash flow to cover overhead, and an additional $150 million to get through the end of year and continue funding its projects, and to start Peter Jackson’s The Hobbit.” Bondholders did not take the news well at all. In fact, reports indicate that they would sooner let the studio go bankrupt as they would be the first creditors to get paid back as assets were liquidated.
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Delicate subject matter generally requires an equally delicate approach, and The C Word is no different. Showtime’s pilot starring Laura Linney (John Adams) about a suburban wife and mother recently diagnosed with cancer will attempt to mix the seriousness of the disease with a lighter spin, and they’ve found their juggler in director Bill Condon (Dreamgirls).