MGM’s “Hobbit” Financers Pull Out

by Aug 16, 2007The Hobbit (Movies)

The funds in estimate of $700 million to $1 billion as announced by MGM Chief Harry Sloan last year, would have financed MGM’s core franchises such as James Bond, The Pink Panther, Thomas Crown, Rocky, Terminator and of course, The Hobbit.

The Financial Times report states “The financing has not been abandoned, however, with the banks believed to have moved from an underwriting commitment to a “best efforts” commitment.”

How this affects The Hobbit remains to be seen, but the article goes on to say that “The studio is understood to be relaxed about the delay because none of the films in line to receive funds from the financing is due to start production imminently.”

 

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