MGM Files for Bankruptcy

Metro-Goldwyn-Mayer Inc. said it has begun seeking its creditors' approval on a prepackaged bankruptcy plan in which they will exchange more than $4 billion in debt. MGM's library includes rights to movies like Star Trek and G.I. Joe, which is small potatoes when it comes to their other investments, including, the entire Stargate franchise. Ergo, SG-1, SG-Atlantis, SG-Universe. It seems like everyone seems to forget that they own the rights to it. And it completely slips everyone's mind because the series airs on SyFy. SyFy is owned by NBC-Universal but was originally created by USA Networks. Ben–Hur (1925) one of most costly films ever produced, is also owned by MGM. MGM was one of the first studios to experiment with filming in Technicolor, this added 2 layers of color to motion pictures. From then on, MGM regularly produced several films a year in Technicolor, "The Wizard of OZ" (CBS owns TV rights) and "Gone with the Wind" are two examples of these films that were made because of this new 'color based' technology. Most notably about MGM was their ability to create highly glamorous and sophisticated stars, like, Greta Garbo, Clark Gable, Joan Crawford, and Jean Harlow. Then there are several extremely famous Animations and Cartoons they own the rights to, which include Tom and Jerry, (Warner Bros) The Looney Tunes, and Droopy the Dog (Joe Lieberman). MGM also owns United Artist, the entire RKO library, and Popeye. The MGM library of rights also includes the James Bond franchise, Rocky, Ronin, Mad Max, Dances with Wolves, and Thelma and Louise. Tom Cruise and his production partner, Paula Wagner, signed an agreement with MGM to run United Artists. Wagner will serve as United Artists' chief executive. Cruise will produce and star in films for UA and MGM will distribute the movies. As of 2009, MGM had US$3.7 billion in debt. Interest payments alone totaled $250 million a year. MGM earns approximately $500 million a year on income from its extensive film and television library.