For many this news means fans will finally get to see The Hobbit films and a redo on the last James Bond film. For MGM it means salvation. Reports are starting to come out now that Spyglass Entertainment is in talks to take over the troubled studio and actually continue to run it.
If Spyglass comes to the rescue, it would save the studio from forced bankruptcy and allow them to keep all of their current properties. If the deal goes through they would end up taking a 4% stake in MGM and merge their libraries. While the details aren't exactly known (and for now it still isn't a done deal) it's the most hope the company can ask for at this point.
MGM has been on sale since November of last year, and so far no studio has wanted to touch it with a 10-foot pole. With a nearly $4 billion debt it's hard to blame them for not wanting to help out. While Spyglass isn't a full production company on its own (it's technically a co-financing company), they've been behind some of the biggest films in Hollywood (Star Trek comes to mind).
While the film is officially canceled, MGM might be able to bring it back now
As I said before, the most exciting aspect of this news is that we may finally get to see progress and a start date for The Hobbit films. Keeping James Bond in the family is awesome as well, but nerds all over the world are salivating for more adventures in Middle-Earth. They're getting restless now after so many delays, but take heart, the wait may soon be over.
-Jordan
