Last November seems like decades ago at this point, especially in the business life of Metro-Goldwyn-Mayer. A little over a year ago, they were trying to sell themselves on the street to the highest bidder. Now, they’ve entered into bankruptcy with a court-approved plan in place, and they’ve raised $500 million to finance their return to greatness.
The press release doesn’t mention specific films, but the abandoned slate (of in-development and ready-for-release films) includes the next Bond entry, Red Dawn, Jeepers Creepers 3, the animated Bunyan and Babe, Biblical biopic Mary Mother of Christ, and continued partnerships for the Hobbit films, The Matarese Circle, and The Cabin in the Woods.
The big question is how MGM plans to spend that cash. It seems like a huge amount, but The Hobbit will eat up a decent chunk of it for second breakfast, and Bond 23 will most likely make a decent divot, too. MGM might essentially be gambling a fragile fresh start on two films.