By Joseph McCabe
Metro Goldwyn Mayer studios, a dynamic company home to a signature franchise we’ve all grown to love, was nearly lost.
In recent years, the studio has undergone a decline in DVD sales, movie productions, and employment opportunities. This decline has been building for some time, leaving the company a $3.7 billion debt. In 2004, with investors looking for opportunities elsewhere as a result of the $85 billion takeover by a private equity consortium, the company became crippled.
Losing MGM would be a shame since this was the studio that made such classics as “Gone with the Wind,” “The Wizard of Oz,” and “The Pink Panther.”
To keep the James Bond series alive, the studio made a deal with Columbia to pick up a chunk of the rights to the franchise. In doing so, the studio is still standing. The Bond series is as vibrant as ever with lead actor Daniel Craig and will probably continue to be successful, especially due to the next installment of Bond--”007 Skyfall”--coming out this November. The film wraps up in exactly six weeks since it first began shooting in November of last year.
As to what the studio’s plans are for escaping bankruptcy, things still remain unclear. It could be years before the studio stands tall once again.
Joe McCabe, a prominent 21-year-old young man from Queens, NY has been attending Saint Thomas Aquinas College for two years. His major is Communication Arts with a minor in Art. Joe’s main focus is to use his major as a stepping-stone toward film school. Joe’s dream is to one day become a famous writer and director in Hollywood. As of right now, Joe only wishes to enjoy himself, find a summer job, and meet new people in the process.