Dying MGM Taking Bids

Struggling studio could be picked up by Time Warner
By Evann Gastaldo,  Newser Staff
Posted Dec 29, 2009 1:31 PM CST
The Metro-Goldwyn-Mayer logo is seen outside their film studio offices in this July 29, 2004, file photo in Santa Monica, Calif.   (AP Photo/Damian Dovarganes, file)

(Newser) – MGM Studios, once the stuff of Hollywood legend, is on the chopping block: The first bids from potential buyers are expected in the next few weeks, reports Variety. MGM made only one film this year—the poorly-performing Fame—and, possibly even sadder, its future projects include the grim-sounding Hot Tub Time Machine.

Company assets—including the famous logo, United Artists operations, franchise rights to James Bond and Pink Panther, half-ownership in the upcoming Hobbit movies, and a 4,000-title library—are valued at between $1.5 billion and $2 billion. That’s just half of what Warner Brothers claims to have made at the box office this year alone, Gawker notes. Time Warner is speculated to be a likely bidder, along with News Corp., Lionsgate, and Liberty Media.

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