MGM in negotiations with Chinese buyer, NY Post reports

MGM logo

Metro-Goldwyn-Mayer, home studio of the 007 film franchise, is in sales talks with a Chinese buyer, the New York Post reported.

“The name of the China-based entity involved in the talks, perhaps newly formed to make the deal, could not immediately be learned,” the Post’s Claire Atkinson wrote.

MGM acquired United Artists in 1981, giving it a half stake in the Bond franchise. UA had earlier purchased the holdings of Harry Saltzman, co-founder of Eon Productions and its parent firm, Danjaq.

The studio emerged from bankruptcy in 2010 as a smaller company. It doesn’t have a distribution operation and negotiates deals with other studios to release its films. The last four Bond movies have been released by Sony Pictures.

MGM’s most recent two-picture contract with Sony expired with 2015’s SPECTRE. Studio chief Gary Barber said in March 2016 there was “no rush” to negotiate a new Bond distribution accord with Sony or another studio.

In 2016, MGM said it intended to sell stock to the public in three to five years.

Advertisements

One Response

  1. […] 25 in prepared remarks. Shareholders asked no questions despite recent reports last month in the New York Post and Wall Street Journal that MGM had been shopping itself to an unidentified Chinese buyer. The […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: