MGM Holdings -- Studio Behind 'James Bond' Franchise -- Explores Sale
MGM Holdings is exploring a sale, according to a report by The Wall Street Journal today, citing a source.
The studio behind the “James Bond” franchise has begun a formal sale process via Morgan Stanley and LionTree. The source said that MGM Holdings has a market value of approximately $5.5 billion based on privately traded shares and including debt.
The company's largest shareholder, Anchorage Capital Group, took control over the studio along with several other hedge funds when MGM Holdings filed for bankruptcy protection ten years ago.
The studio has about 4,000 films and 17,000 hours of television programs in its library.
All of this year's film releases have been delayed significantly by the COVID-19 pandemic, including the 25th James Bond entry, No Time to Die, which was originally slated for April 2020. The widely anticipated release has been delayed multiple times and is currently planned for April 2021.
Source: Equities News