Wednesday, July 14, 2010
LGF meets MGM
Lions Gate Films' chief executive, Jon Feltheimer, and vice chairman, Michael Burns met yesterday with the credits who are babysitting MGM Films to give a meeting about the possible merger. The meeting was a prominent one as LGF could possibly own properties such as Jamnes Bond 007, Lord of the Rings' The Hobbit, and the made in Michigan Red Dawn remake. Car Icahn (who owns 37.3 percent of the LFG stick) and the board at LFG struck a 10 day truce in order to get through this week. Even though the merger seems perfect, it could also bring about it's own complexity as LGF owes nearly $550 million dollars in debt. MGM has almost $4 billion dollars of debt that would need to be taken care of following any merger. Perhaps LFG can roll out a red-carpet for the next series of James Bond pictures to cover these costs?