Here’s a little good news for Stargate fans reeling from the cancellation of Stargate Universe just before Christmas (story). After collapsing under the weight of $5 billion and going into bankruptcy court this month, legendary film studio Metro-Goldwyn-Mayer is declaring a Do-Over.
The studio that owns the Stargate television franchise announced Monday that its plan for restructuring the company has become effective. More important for the future of Stargate is that MGM has secured financing of $500 million through JP Morgan, for use in funding its operations and restarting active production of a new slate of film and television projects.
“MGM is emerging from one of the most challenging periods of its storied history,” Gary Barber and Roger Birnbaum, new Co-Chairmen and Chief Executive Officers of MGM, said in a press release. “We are honored and inspired at the opportunity 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.
“Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGM’s dedicated employees to build upon this company’s legacy.”
The studio traded its debt to creditors for ownership of most of the restructured company.
MGM has also named eight of the nine positions on its new Board of Directors, which includes Barber and Birnbaum. Former Pixar CFO Ann Mather has been tapped as the Board’s head (via Deadline.com).
One final glimmer of bright, brilliant news for Stargate fans: If MGM’s list of current executives on its Web site is up to date (it does include Barber and Birnbaum, who only officially joined with the restructure), then Charles Cohen is still at the company. Cohen (MGM’s Senior Executive Vice President and Chief Operating Officer) is a self-proclaimed Stargate fan who has been with the studio since 1986, and has been hugely instrumental in the franchise’s success so far.
Keep your browser locked on GateWorld as we head into 2011 for more news on the future of Stargate! We hope to hear some good news early in the new year about Stargate‘s piece of that new production money.