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.
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Here's hoping this really means some good news for the movies and the much promised SGA follow-up. After all, Sheppard did promise Ronon he would get him home!!
This is excellent news. Fingers crossed for the Atlantis and SG-1 movies.
Keeping my fingers crossed for the SGA movie, or even better yet - a mini series!!!
Film or mini series please so so so so miss SGA
Yes, light at the end of the tunnel! I hope this does mean good things for SGU & the franchise!
Here's hoping that MGM's rebooting brings good things for the continuation of the Stargate franchise!
I highly doubt there will be an SGA movie or miniseries. Why? It's simple, most props/sets have either been destroyed or sold (Atlantis gate in pieces I think). Don't forget that the SGC set was dismantled and bits were re-used for Icarus base.
Not to mention the fact that most if not all SGA actors are "busy" filming other shows/films. SGA had it's time. Just as SG1. And with the poor writing during the second half of season 5 I highly doubt a movie would be worth watching. Perhaps they will find a piece of technology in pegasus that will make the wraith believe they are pixies... ala Ark of truth.. -_-
This is good news. As far as the props having been sold, They can be remade for a mini-series for sga and then re-commissioned for something else. Besides, even though the actors are busy doing something else, I think they would jump on board for a short time to do it.
I would love to see the 2 promised movies made. However, I'm not very confident they will be made. As regards the Atlantis movie I don't thinks it's believable that Home World Command would let Atlantis leave Earth or the Milky Way Galaxy at least. Especially seen as the Drone chair was destroyed.
I would love to see an SGU mini series, just to finish out the story.
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..."
Great news for the Stargate franchise & all
of the Stargate fans.
I remember in a interview Brad Wright saying
that the Stargate Franchise is the second most
important/profitable franchise for MGM ; James Bond being the first one.
So, if Gary Barber and Roger Birnbaum are serious & honest that means the Stargate franchise is going to go on in a very strong way.
P.S. Thanks Darren for posting this news just in time for Christmas & giving Stargate fans hope.
Merry Christmas to you & to all Stargate fans =)