x

Welcome to MI6 Headquarters

This is the world's most visited unofficial James Bond 007 website with daily updates, news & analysis of all things 007 and an extensive encyclopaedia. Tap into Ian Fleming's spy from Sean Connery to Daniel Craig with our expert online coverage and a rich, colour print magazine dedicated to spies.

Learn More About MI6 & James Bond →

MGM begins preparations for initial public offering

25-Jul-2012 • Bond News

Newly reinvigorated studio MGM, which suffered terrible financial problems in recent years until they swapped debt for ownership and got out of bankruptcy, are now taking the first planning steps for an initial public offering (IPO).

A stock market floatation would raise further funds to kick start more movie production. Currently, most of MGM's output has been done in partnerships with other studios.

Today's brief press statement said that the studio "has previously submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a possible initial public offering of its Class A common stock."

The studio's largest private shareholders are Anchorage Capital, Highland Capital and Icahn Capital , who traded debt for equity when MGM emerged from Chapter 11.

Other studios who have launched an IPO in recent years include Pixar ($140m in 1995) and DreamWorks Animation ($812m in 2004). Both launched on the back of very successful films, and it is expected that MGM would time an IPO similarly. Their tent pole release for 2013 is the second part of "The Hobbit".

Amongst other projects cooking at MGM is the possibility of reviving the United Artists brand, which has been in hibernation since the reorganization. Many James Bond titles were released under the familiar UA motif.

Bond 24, slated for release in late 2014, will still be co-financed by MGM and Sony.

Discuss this news here...

Open in a new window/tab