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diedye
Hithlum
Aug 19 2008, 12:36pm
Post #1 of 8
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MGM seeking $600 mil for "Hobbit", "Pink Panther" movies...
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From Bloomberg.com...
MGM Seeks $600 Million to Make `Hobbit,' `Pink Panther' Movies
By Andy Fixmer
Aug. 19 (Bloomberg) -- Metro-Goldwyn-Mayer Inc., the movie studio controlled by private-equity firms, is raising as much as $600 million to produce some of its biggest films including "The Hobbit.''
The financing will be completed in about three weeks, Jeff Pryor, a spokesman for Los Angeles-based MGM, said yesterday in an interview. He declined to discuss terms or investors.
MGM's would be the first movie fund completed since Deutsche Bank AG and Viacom Inc.'s Paramount Pictures scrapped plans last month to raise $450 million. The MGM fund includes "The Hobbit," being produced by "Lord of the Rings'' director Peter Jackson, and "Pink Panther'' movies starring Steve Martin, Pryor said. [..]
"The Hobbit,'' being directed by Guillermo del Toro, is scheduled for release in December 2011. Jackson's three "Lord of the Rings'' movies, distributed by New York-based Time Warner, each cost about $95 million to make, according to Imdb.com. .
$95 million each? Is that on the same level as what LOTR cost to make?
(This post was edited by diedye on Aug 19 2008, 12:40pm)
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Elven
Doriath
Aug 19 2008, 1:25pm
Post #2 of 8
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with an announcement due and finalization for the production money in the bank, maybe we will start hearing some more new on the Hobbit and its development.
I think with many of the big financiers backing out of the Entertainment industry presently (seems to be whats being reported) Im sure there's plenty of interest in the Hobbit as a cash cow and sure bet. I think of hefty slice of the money will go on advertising and promotion too - like it did for the trilogy.
and I read somewhere else a figure of $150 million each film (not $95) ... and I even thought that was a conservative estimate for them ...
Ah $600 million *snaps fingers* - where's my cheque book - there it is ... drats, how inconvenient - my pen just ran out 
Cheers diedye
Elven x
Were off to Hobbiton finally!
Tolkien was a Capricorn!!
Russell Crowe for Beorn!!
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grammaboodawg
Elvenhome
Aug 19 2008, 2:27pm
Post #3 of 8
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$400 million for Peter's films and $200 mil to be split between the rest ;)
"Barney Snow was here." ~Hug like a hobbit!~ "In my heaven..."
TORn's Observations Lists
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Sunflower
Doriath
Aug 19 2008, 4:36pm
Post #4 of 8
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MGM pays for it, New LIne makes it....and Warner's reaps therewards without having to do the dirty work.
Why doesn't Warner's cough up some of its "Dark Knight" profits?
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Darkstone
Elvenhome
Aug 19 2008, 8:36pm
Post #5 of 8
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Deutsche Bank AG dropped financing?
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That means they expect the films to turn a profit.
(German tax laws are such that a failed film actually makes money. Kind of like "The Producers". Which explains all the totally awful Uwe Boll movies.)
******************************************
The audacious proposal stirred his heart. And the stirring became a song, and it mingled with the songs of Gil-galad and Celebrian, and with those of Feanor and Fingon. The song-weaving created a larger song, and then another, until suddenly it was as if a long forgotten memory woke and for one breathtaking moment the Music of the Ainur revealed itself in all glory. He opened his lips to sing and share this song. Then he realized that the others would not understand. Not even Mithrandir given his current state of mind. So he smiled and simply said "A diversion.”
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Elven
Doriath
Aug 20 2008, 2:12am
Post #6 of 8
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Deutsche Bank closed their film financing arm completely .... 
Many films have been canned 
Cheers
Elven
Were off to Hobbiton finally!
Tolkien was a Capricorn!!
Russell Crowe for Beorn!!
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Sunflower
Doriath
Aug 20 2008, 3:04am
Post #7 of 8
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This happened a while ago, it was a big story a couple months back. Nikki Finke's site is a great place to get the lowdown on this stuff.
http://www.deadlinehollywooddaily.com
You'll have to go back a bit in her archives for the story, but it's there. The Bank was reportedly reacting to the shaky state of the US economy--specifically the credit lines of some banks....
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SirDennisC
Gondolin
Aug 20 2008, 10:58pm
Post #8 of 8
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Probably just pre actor's strike posturing.
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One of the big actor's unions is negotiating right now... deadline is September I think.
Funny thing on the talent side is it looks like everyone who's anyone (and a whole bunch of lesser knowns) have lots of work and deals in the works right now.
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