Metro-Goldwyn-Mayer (MGM) has filed for bankruptcy. MGM has a subsidiary called MGM Networks that distributes the MGM channel to 120 countries globally, including since May this year to On Digital Media's (ODM) TopTV's channel 113.
MGM that was founded in 1924 is currently undergoing serious reorganization and officially filed for what is known in America as ''Chapter 11 bankruptcy'' earlier today. ''Metro-Goldwyn-Mayer Inc. (MGM) today announced that it and approximately 160 of its affiliates have filed Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to seek confirmation of their “pre-packaged” plan of reorganization,'' MGM says in a press release.
''MGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the prospect of leading one of Hollywood's most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms.''
''Upon its exit from bankruptcy, MGM expects to raise approximately $500 million in financing to fund operations, including production of a new slate of films and television series. MGM will retain ownership of all of its assets,'' says the studio.
