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Home / News / Entertainment News / COVID's first major casualty: MGM may sell entire content library
  • Entertainment

    COVID's first major casualty: MGM may sell entire content library

    Shubham Dasgupta
    Written by
    Shubham Dasgupta
    Mail
    Last updated on Dec 22, 2020, 05:37 pm
    COVID's first major casualty: MGM may sell entire content library
  • It sounds, reads, and seems too awful to be true, but MGM is planning to sell off its assets, including the entire content library.

    The company, named MGM Holdings Inc., is in talks with investment banks Morgan Stanley and LionTree LLC to facilitate the deal in the market to buy everything it has ever created.

    Reportedly, the company has a value of $5.5 bn.

  • In this article
    The 96-year-old company is confident streamers will buy it out 'No Time To Die' release delays proved dear to MGM MGM was rumored to be selling off Craig's Bond film Sahara wanted to pay off $2bn of MGM's debts
  • Scenario

    The 96-year-old company is confident streamers will buy it out

    The 96-year-old company is confident streamers will buy it out
  • It's the era of the streaming giants, MGM understands that, and is pitching the sale in the hope of big streaming behemoths to mine their pockets and pay for a content library that has seen unparalleled success for ages.

    The value of $5.5bn includes the company's private share prices and debt.

    Sources said that the 96-year-old enterprise has already started a formal sale process.

  • Pandemic

    'No Time To Die' release delays proved dear to MGM

    'No Time To Die' release delays proved dear to MGM
  • Notably, the studio had taken a huge loan for the 25th James Bond film, No Time to Die, starring Daniel Craig.

    The movie was supposed to release in April 2020, but faced two successive delays to November 2020 and now April 2, 2021, in the hopes of getting people to throng theaters.

    This has cost MGM a monthly loss of $1mn in interest.

  • Details

    MGM was rumored to be selling off Craig's Bond film

    MGM was rumored to be selling off Craig's Bond film
  • MGM wanted to sell Craig's last Bond film for an eye-popping price of $600mn to streamers, but didn't find takers in this market, where every major studio is incurring losses, even through tentpoles.

    Plus, it's not solely MGM's decision as everyone's profit depends on it.

    Known for James Bond, Rocky, Robocop, Pink Panther, Tom and Jerry and other successful franchises, resuscitating MGM looks tough.

  • Deal

    Sahara wanted to pay off $2bn of MGM's debts

    Sahara wanted to pay off $2bn of MGM's debts
  • The studio has been battling bankruptcy since long and its stakeholders expressed interest in selling it as early as in 2010.

    The media company had a debt of over $4bn then, and was in talks with Indian business conglomerate Sahara, which had pegged a price of $2bn to buy out the former's debt.

    Other interested buyers were Time Warner Inc. and MGM's rival, Lionsgate.

  • Hollywood News
  • James Bond
  • Morgan Stanley
  • MGM
  • Daniel Craig
  •  
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