There’s no news for fans of the long-running Stargate television series yet, but production studio Metro-Goldwyn-Mayer has just taken a big step forward. The studio, which emerged from bankruptcy at the end of 2010 (story), has just completed a deal to secure $500 million in new financing.
Some of the money will be used to pay off the studio’s remaining debts, but most will go toward the production of new film and television projects. MGM is already in production on a number of high-profile projects co-produced with other studios, including The Hobbit: An Unexpected Journey and The Hobbit: There and Back Again (with Warner Bros.) and G.I. Joe: Retaliation (with Paramount Pictures).
Production on the next James Bond movie, Skyfall, is also underway, as are remakes of RoboCop, Carrie, and Poltergeist.
At least one new television series, Vikings, is also in the works (story). MGM also produces Teen Wolf for MTV, which will air its second season this summer.
Co-CEOs Gary Barber and Roger Birnbaum managed to pay off a $325 million term loan in just one year, rather than the five years planned for. The pair told Deadline they plan to grow the studio from this point forward, and the new line of bank credit gives them the cash to do so.
“Not only have we paid off the debt but we have a significant amount of cash on the balance sheet and we now have a full untapped revolving credit facility,” the CEOs said. “The company is now completely unlevered with the ability to explore any opportunities. We have the currency to acquire assets to grow MGM. When we came into the company there were not a lot of project in developments. We started from scratch, and now we have a very interesting slate of pictures. Obviously Bond and The Hobbit led us into this new era. Now that we’ve got more buying power, people may come to us first so we won’t be left at the bottom of the barrel.”
Check out Deadline and The Hollywood Reporter for more on the story, and stick with GateWorld for any future Stargate-related news!
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Aw, I really want the SGA movie. Maybe someone at MGM will think to dust off the idea one of these days.
This is encouraging. Perhaps someone from here can "come to us (them)" and propose a re-invigoration of the Stargate franchise. Volunteers?
Well, we still have a little over two years until the Destiny completes the FTL journey between galaxies, so...
A campaign to get Stargate on their minds isn't a bad idea. but with the cast and crew spread out it will take time.
'now' we might be getting somewhere!!
Im not getting my hopes up, some stargate movies would be nice ;). But it's mgm, so im not counting on them to do anything.
Now is the time to remind them of us.
As an unemployed studio electronic tech in Los Angeles I am very happy to hear this. Things have been slow. I would like nothing more than to catch a job at the studio which makes Stargate. Maybe they shoot it at Bridge, probably, or maybe in LA. Just as long as they start hiring soonest! I do work in lighting, thus the name.
I'll bet they're waiting for a milestone anniversary to announce something. I would personally like to see: an SGA movie that gets Atlantis back to Pegasus, an SG-1 movie that reveals the Stargate to the public finally, an SGU movie that concludes the series run and would maybe end on a cliffhanger that would lead to: a combo movie with ALL characters that would finally put the SG-1/SGA/SGU era to a rest and maybe pave the way for a new series (with a different creative team)? I'm sure most of the actors involved in all three shows would be happy to do something for the fans. And honestly, as one of MGM's big franchises and moneymakers, and as one of the series that put SyFy on the map, would it be too much to ask for just 4 movies to give us closure on all these series? I mean, 4 movies wouldn't be near what we could really used, but I'd be happy with that if it did more than end on a cliffhanger. Show the franchise some respect. And its not like these things are THAT expensive - I mean, didn't they make Continuum and Ark of Truth on shoestring budgets? And SyFy could maybe help fund some of it (not likely).
Anyway, That would be my ideal way for things to continue. 4 movies and maybe pave the way for a new series, something different but not as dark or serialized as SGU.
Anyway, its probably not gonna happen but that would be my hope. One last time to see all of these wonderful actors in action. If anything, SGU and Atlantis need better closure than what we got. I'd be fine if we didn't get SG-1 since Continuum and Ark of Truth sort of serve to close it up but I think if the Stargate is revealed to the public, it should be done via SG-1 and not other series with the original team.
And STILL people think the SGA and SG1 movies could happen. Its absurd!