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The One Ring Forums: Tolkien Topics: Movie Discussion: The Hobbit:
The roller-coaster ride of The Hobbit!!


Aug 19 2007, 1:46pm

Views: 466
The roller-coaster ride of The Hobbit!! Can't Post

It looks like we may have been spared the fickle-finger-of-fate that is Wall Street and their insane influence on dreams and schemes!

Last Wednesday (Aug. 15), Salon had an article on financers for filmmakers have been slamming the door shut on money... including MGM and United Artists (involving production of The Hobbit).

Part of Salon's article said:

..."Is there no end to the carnage wrought by subprime madness? Far from being "contained," the fallout is now spreading to fictional realms populated by some of the mightiest icons of human civilization. On Wednesday afternoon, the Financial Times published a scoop breaking the news that funding for a slate of upcoming blockbuster movies may be delayed because of Wall Street's current woes.
...The studio in question is MGM: The movies on the list include "The Hobbit" and the next installments in both the Terminator and James Bond sagas....
......Unlike Wall Street's traders, we will not panic at the approach of this unholy subprime nemesis, more deadly than Sauron, SPECTRE and an army of artificially intelligent robots intent on extinguishing all human life. The Financial Times says that MGM "is understood to be relaxed about the delay because none of the films in line to receive funds from the financing is due to start production imminently."
...But still: When Bilbo Baggins, James Bond, and the Terminator are stopped in their tracks, what hope is there for the rest of us?"


Then came Variety's article on Friday with a REAL eye-opener for me! Did I misunderstand or not realize that MGM and UA were working together in co-producing The Hobbit!?!? *twitch* OMG! That would be Awesome!

Here's what Variety had to say:

..."United Artists closed its $500 million deal with Merrill Lynch late Thursday morning in the wake of news that Goldman Sachs had backed away from committing to a $1 billion fund for MGM.
...Goldman Sachs was one of five banks considering underwriting the MGM fund. Move was Hollywood's first brush with the widening credit crunch.
...However, MGM CEO Harry Sloan said Goldman Sachs' move -- or any delay in the franchise fund -- would not impact the movies it has in the works, including "The Hobbit," a co-production with New Line, or the next installment with the Bond franchise, which it is cofinancing with Sony.
..."No MGM property will wait for a film (finance) slate," Sloan said.
...Of course, MGM's future possible tentpoles have issues of their own. "The Hobbit" has been locked in a battle between Peter Jackson and New Line, while legal wranglings have been holding up "Terminator 4."
...Sloan said that the Lion was waiting until the UA deal closed before moving forward on the MGM franchise film fund, which he says the company will offer at a later date.
...MGM invested substantial coin in the UA deal, which has been in the works for months...
......Wagner said UA was especially pleased to be able to close the deal amid challenging conditions in the financial markets.
..."This has been in the works for a long time really," Wagner said. "It's yet another vote of confidence in the potential success of United Artists."
......One busy financial dealmaker said the fact the deal didn't come apart was good news for the entertainment industry and future fundraising efforts.
..."There's no death knell for investment in the entertainment industry," he said.
...Besides MGM, Merrill Lynch also ponied up a sizable chunk of the coin for the UA deal, the bulk of which is a revolving debt facility. Additional monies came from hedge funds and more than 15 institutional investors based in the U.S., Europe, Asia and Africa."

This is great news, imho! When they speak about other "investors", I wonder if that includes some anonymous investors? From un-named lands? hmmmm? huh? *winkie-wink*

sample sample
Trust him... The Hobbit is coming!

"Barney Snow was here." ~Hug like a hobbit!~ "In my heaven..."

TORn's Observations Lists

Subject User Time
The roller-coaster ride of The Hobbit!! grammaboodawg Send a private message to grammaboodawg Aug 19 2007, 1:46pm
    I don't think UA's involved in The Hobbit Eledhwen Send a private message to Eledhwen Aug 19 2007, 8:09pm
        Ahhhhhh... grammaboodawg Send a private message to grammaboodawg Aug 20 2007, 9:00am
    I have a plan! kareniel Send a private message to kareniel Aug 19 2007, 10:27pm
        Oh well, if I must. Ataahua Send a private message to Ataahua Aug 19 2007, 11:39pm
            A burden we must bear... grammaboodawg Send a private message to grammaboodawg Aug 20 2007, 9:02am
                ok, then if I must.... LOL :) Nessa Inglorion Send a private message to Nessa Inglorion Aug 27 2007, 6:58am
    High Finance makes my head spin! Mar Send a private message to Mar Aug 20 2007, 12:15am
        Well... Sunflower Send a private message to Sunflower Aug 20 2007, 1:51am
            Good point! grammaboodawg Send a private message to grammaboodawg Aug 20 2007, 9:04am
                I take it.... Sunflower Send a private message to Sunflower Aug 20 2007, 9:40am
                    P.S. Sunflower Send a private message to Sunflower Aug 20 2007, 9:56am
                        uh-oh grammaboodawg Send a private message to grammaboodawg Aug 24 2007, 9:05am
                Yessss, maybe it's a sign.. N/T Nessa Inglorion Send a private message to Nessa Inglorion Aug 27 2007, 6:56am


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