One-77 closes on new Aston Martin record

Press Release – Aston Martin’s One-77 supercar has moved closer to setting a new all-time record for the British marque in initial high speed testing after surpassing all predictions and comfortably breaking the 200mph mark.

The One-77 is currently undergoing a stringent development process ahead of planned launch in 2010 with high speed testing taking place at a top secret proving ground in southern Europe. In a series of test runs completed last week the One-77 exceeded original expectations and recorded a 220.007mph (354.86kmh) top speed in dry but windy conditions under the guidance of the Aston Martin engineering team. Dynamic testing is now scheduled to continue into the New Year.

Powered by a new Aston Martin 7.3 litre V12 engine, the One-77 is engineered to deliver breathtaking levels of power and performance. The dramatically styled two-door, two-seat sports coupe is based on an innovative new carbon fibre monocoque body structure and adopts new active aerodynamic technology.

The One-77 is the ultimate expression of what Aston Martin stands for and will combine modern technology and design with craftsmanship and ultimate exclusivity to create the world’s most desirable automotive art form.

As name suggests, production is limited up to a maximum of 77 individually numbered examples, with deliveries expected to commence in mid-2010.

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MGM sends out prospectus, process going slow

NEW YORK (Reuters) – First-round bids for Metro-Goldwyn-Mayer will come in later than initially expected because negotiations over confidentiality agreements have slowed down the sale process, sources familiar with the matter said on Thursday.

MGM, the famed film studio that said in November it was exploring a potential sale, has sent out a sales prospectus to all the parties who signed its non-disclosure agreement, including Time Warner Inc (TWX.N) and Lions Gate Entertainment (LGF.N), the sources said.

But getting potential bidders to sign the NDAs has taken a while because MGM, which is owned by a group of private equity and media companies, wanted to restrict the ability of buyers to talk directly to MGM’s creditors, one of the sources said.

MGM, which is owned by a group including private equity firms Providence Equity Partners and TPG TPG.UL, and media companies Sony Corp (6758.T) and Comcast Corp (CMCSA.O), is struggling with nearly $4 billion in debt.

Its creditors are waiting to see how high bidders value the company. If the initial valuations come in too low, the creditors might decide to keep the company and restructure it, two of the sources said.

MGM has not set a deadline for the first round of bids yet, even though potential bidders had expected to put in offers before Christmas, the sources said.

MGM sent out non-disclosure agreements to about 20 interested parties in November, sources had previously told Reuters.

The companies that received the non-disclosure agreements included News Corp (NWSA.O), which has not signed the document yet, two of the sources said.

MGM, Lions Gate and Time Warner declined comment. News Corp was not immediately available for comment.

Liberty Media Corp (LINTA.O) Chief Executive Greg Maffei said earlier this month that his company would look at the Hollywood studio and library assets of MGM.

Maffei said the company would look at MGM for a possible transaction but added the assets are not a “must-have” for its Liberty Starz unit. He was speaking at a UBS Media investor conference in New York.

MGM, whose film library includes James Bond titles, has been setting up a virtual data room to give bidders access to information, the sources said.

FORBEARANCE EXTENDED

MGM’s lenders have extended a debt forbearance until January 31, which exempts it from interest payments of an undisclosed amount as it tries to develop a long-term business plan.

At the time it announced a possible sale, MGM said its other options included operating as a stand-alone entity or forming strategic partnerships.

The studio faces debt obligations of $3.7 billion stemming from its 2005 buyout, plus payments on a $250 million revolving credit facility due April 2010.

It was purchased from majority owner Kirk Kerkorian for $2.85 billion by a group including private equity firms Providence Equity Partners; TPG; DLJ Merchant Banking Partners, a unit of Credit Suisse (CSGN.VX); and Quadrangle Group; and media companies Sony and Comcast. The group also assumed a debt of $2 billion.

Film financing experts have said MGM had been funding operations largely through library cash flow and access to $500 million in financing set up for its United Artists label, which is partly owned by movie star Tom Cruise.

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News Corp. said to be at impasse on possible MGM bid

(Bloomberg) — News Corp., owner of the Twentieth Century Fox film studio, is at an impasse in talks on a possible bid for Metro-Goldwyn-Mayer Inc., according to a person with knowledge of the situation.

News Corp., based in New York, is balking at terms closely held MGM is seeking from potential bidders ahead of a formal auction, according to the person, who asked not to be identified because the talks are private.

Burdened by about $4 billion in debt, Los Angeles-based MGM put itself up for sale last month. Creditors hope to get at least $2 billion from a single buyer or sell assets separately, people with knowledge of the situation said in November.

News Corp. objects to provisions of a non-disclosure agreement that could subject the company to legal liability, the person said yesterday.

Chris Petrikin, a spokesman for Twentieth Century Fox, declined to comment. Susie Arons, an outside spokeswoman for MGM, said she couldn’t comment on individual negotiations.

MGM is controlled by Providence Equity Partners Inc. and TPG. Comcast Corp. and Sony each own 20 percent, while DLJ Merchant Partners holds 7 percent and Quadrangle Group holds 3 percent. Led by Providence, the group bought MGM for $5 billion in 2005. Sony and Comcast have written off their investments.

Time Warner Inc., News Corp. and Qualia Capital LLC are among the parties that may be interested in MGM, owner of the “James Bond” franchise and a library of 4,100 films, people familiar with the situation said last month.

Lions Gate Entertainment Corp. expressed interest in purchasing MGM at a Nov. 12 conference in New York, and Liberty Media Corp. Chairman John Malone said his company would look at the studio.

News Corp., the media company controlled by Chairman and Chief Executive Officer Rupert Murdoch, gained 13 cents to $13.35 yesterday in Nasdaq Stock Market trading. The Class A shares have advanced 47 percent this year.

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MGM sale expects to elicit half-dozen bids

(The Hollywood Reporter) Hollywood should know better by the end of next month whether MGM will change owners or simply shift course.

An auction to elicit offers of interest in the studio is expected to yield a half-dozen or so bids by the Lion’s next debt-service deadline of Jan. 31. But depending on how many of the 16 companies provided confidentiality agreements place bids — only two have agreed to confidentiality terms so far — the critical question is whether any of the offers is rich enough to satisfy the studio’s 150 debt holders.

If bidding falls significantly below $2 billion, MGM chief Stephen Cooper might be allowed to put together a simpler restructuring of current operations in lieu of a sale.

“Steve Cooper has done a really good job of managing the banks,” one industryite said. “He has a shot at getting what he wants if the bids come in too low.”

Appointed as MGM chief in August, the corporate restructuring veteran signaled from the start that current owners understood lenders would be calling the shots as executives grappled with a crushing debt of almost $4 billion. But when Cooper tried to make a case for long-term loan restructuring to allow business as usual to continue indefinitely, several lenders loudly balked.

Tempers simmered down only after MGM agreed to conduct the auction to gauge the level of interest among prospective suitors.

“Pretty much everybody is behaving now,” a process insider said.

MGM strategic consultant Moelis & Co. is operating an online data room to which prospective bidders gain access only after signing confidentiality agreements regarding sensitive financial information. Two companies offered such access passed on the opportunity, and several others continue to negotiate terms of their agreements.

Warner Bros., Fox and Lionsgate are considered the most serious suitors for MGM. What’s less clear is whether they or others will place bids on the whole company or perhaps only select assets such as rights to the James Bond film franchise or The Hobbit film project.

Cherry-picking such rights would be unlikely to draw a bid even approaching $1 billion. On the other hand, an offer of $2 billion or more for the company would almost certainly be accepted by lenders.

If the high bid came in at, say, $1.8 billion, debt holders might swallow hard and accept it. But the lenders also might demand the offer come with “schmuck insurance” — industry jargon for the right to convert debt to equity at some point in the future.

MGM is owned by a consortium of players consisting of TPG, Providence Equity, Sony and Comcast. With lenders first in line for debt recoupment in the event of a sale, the group appears likely to see only pennies on the dollar from their nearly $5 billion purchase in 2004.

Meanwhile, MGM execs continue to shepherd film projects through development, with a handful slotted for theatrical release next year. A John Cusack-toplined comedy, Hot Tub Time Machine, is set for release March 19.

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Let the MGM bidding begin

NEW YORK (Reuters) – Metro-Goldwyn-Mayer, the famed film studio that is considering selling itself, has sent confidentiality agreements to about 20 interested parties including Time Warner Inc and News Corp, sources familiar with the matter said on Tuesday.

The studio, struggling with nearly $4 billion in debt, has also sent these documents to Lions Gate Entertainment Corp and Sony Corp, as a prelude to letting interested parties examine its books, the sources said.

Two of the sources said Peter Chernin, the former president of News Corp who has been advising Comcast Corp on its proposed NBC Universal joint venture with General Electric, also plans to take a look at MGM. It is unclear if Chernin had been sent a nondisclosure agreement yet.

Chernin is a veteran Hollywood executive who left News Corp in June when his contract expired. But he struck a production deal with News Corp’s 20th Century Fox as part of his severance contract, which requires the studio to buy two films a year for six years.

MGM is considering an auction process, but its creditors would first like to see how likely bidders value the company, two of the sources said. The company is setting up a virtual data room to give bidders access to information.

If initial valuations come in too low, the creditors might decide to stay away from an auction for now, the people said.

MGM, home to a renowned film library including James Bond movies, said on November 13 it was exploring a potential sale of the company as it struggles with looming debt payments and come up with a long-term business plan. It could also form strategic partnerships or operate as a stand-alone entity, the company said.

MGM might not engage in the traditional process of sending out a sales prospectus to each potential bidder, relying instead on the data room and management presentations, two sources said.

The studio, which has enlisted a restructuring specialist to help turn it around, faces debt obligations of $3.7 billion stemming from its 2005 buyout, plus payments on a $250 million revolving credit facility due April 2010.

MGM is owned by a group including private equity firms Providence Equity Partners and TPG, and media firms Sony and Comcast. The group bought MGM for $2.85 billion, and assumed $2 billion in debt as part of the purchase.

MGM, News Corp, Sony and Time Warner declined to comment. Chernin and Lions Gate were not immediately available to comment.

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Time Warner, News Corp reported interested in MGM

NEW YORK (Reuters) – News Corp, Time Warner Inc and Qualia Capital LLC are interested in buying Hollywood’s Metro-Goldwyn-Mayer film studio, home of the James Bond movies, Bloomberg News reported on Friday.

Citing people with knowledge of the situation, the report said the companies have not yet examined the studio’s finances and their level of interest will depend on price.

Burdened by about $4 billion in debt, Los Angeles-based MGM said last week it was weighing options, including a possible sale of the company.

Creditors are hoping to get at least $2 billion, from a single buyer or by selling the assets separately, Bloomberg said.

Its sources also said Sony Corp may also be interested in all or part of the studio.

News Corp, MGM, Sony Pictures Entertainment, Time Warner and Qualia, a closely held media and entertainment investment company, all declined comment, the report said.

A week ago, MGM said it was exploring a potential sale of the company as lenders extended a forbearance until January 31. It said its other options include operating as a stand-alone entity or forming strategic partnerships.

A source familiar with the matter told Reuters the company was expected to open its books to interested parties in a process that could take months.

The studio, which has enlisted a restructuring specialist to help turn it around, faces debt obligations of $3.7 billion stemming from its 2005 buyout, plus payments on a $250 million revolving credit facility due April 2010.

It was purchased from majority owner Kirk Kerkorian for $2.85 billion by a group including private equity firms Providence Equity Partners; TPG; DLJ Merchant Banking Partners, a unit of Credit Suisse; and Quadrangle Group; and media firms Sony and Comcast Corp. The group also assumed a debt of $2 billion.

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Variety: What's next for MGM?

Variety – Can Leo the Lion survive?

That’s the question Hollywood’s mulling as MGM heads into a potential asset auction over the next several months—without much optimism. Friday’s announcement that would explore a possible sale, merger or remaining as a stand-alone was met by a combination of skepticism and resignation.

‘It’s sad because there’s probably going to be one less buyer,’ one tenpercenter at a major agency noted.

MGM also disclosed that bondholders, in a Friday conference call, had agreed to hold off receiving debt payments for seven more weeks until Jan. 31. The exemption on an undisclosed amount of interest payments on its $3.7 billion in debt was the second in two months.

The first step toward an auction is for investment bankers Moelis & Co., hired in May by MGM, to send non-disclosure agreements to possible bidders as a prelude to seeing MGM’s internal books.

In the meantime, current MGM leadership will stay in place and production chief Mary Parent will continue to shepherd a small production and development slate. Here’s how the future stacks up for the Lion:

– Friday’s exemption interest payments will allow MGM to continue to complete a quartet of films already set for release: Hot Tub Time Machine in March, The Zookeeper in October, Red Dawn in November and a 3D version of Cabin in the Woods in early 2011.

– MGM remains co-financier with New Line on The Hobbit, set to go into production around spring in New Zealand with two films shot back-to-back by Guillermo del Toro. Exec producers Peter Jackson and Fran Walsh are still working on the script and no cast has been announced. The two pics have tentative release dates of late 2011 and late 2012.

– MGM continues to develop the 23rd James Bond film. The most recent announcement on the Bondpic came in June when Michael G. Wilson and Barbara Broccoli of EON Prods. and MGM disclosed Peter Morgan, Neal Purvis and Robert Wade were writing the script for the film, which does not have a director attached yet. Purvis and Wade most recently worked on Quantum of Solace and Casino Royale.

Daniel Craig said a month ago he believes shooting will start in late 2010.

– Development work continues on a reboot of Poltergeist,” but no production start’s been set.

MGM had no comment beyond Friday’s announcement, which said the debtholders agreed to hold off receiving interest payments ‘in support of the company’s ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders.’

Granting MGM debt relief until Jan. 31 will enable it to find out how much the assets are actually worth. The maneuver also prevents creditors from forcing MGM into an involuntary bankruptcy.

MGM was taken private in 2005 for nearly $5 billion by a consortium led by Providence Equity Partners, Texas Pacific Group, Sony and Comcast Corp. Likely buyers include Time Warner, News Corp. and Lionsgate.

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Pinewood Studios achieves world record movie screening

Pinewood Studios achieves World Record Movie Screening

Pinewood Studios, together with QED Productions, set a new world record for the biggest ever movie projection with its Drive-In showing of Mission: Impossible on Saturday 7 November 2009.

The film was projected at 41.8 metres wide by 17.8 metres high onto Europe’s largest outdoor screen.

This feat forms part of Pinewood’s current Drive-In series for the public, having temporarily converted our vast outdoor water filming facility to accommodate the screenings. The screen—measuring 73 metres wide with a total surface area of 1337.73 square metres—allows the latest computer technology to key in scenes during the edit behind the live action taking place in the water. Originally built in 1959 for the war film Sink the Bismarck!, the water tank has been used to shoot scenes for Casino Royale, Quantum of Solace and The Boat That Rocked plus most recently for upcoming features Robin Hood, Gullivers Travels and Clash of the Titans.

The largest movie screenings ever recorded have been to mass audiences in Norway and Japan. In 1996 the Oslo Spektrum’s 70mm film screening of Independence Day measured 40.24m in width, and in 2008 the Tokyo Dome played host to a 37m wide IMAX premiere of Speed Racer.

Comments Pinewood’s Group Corporate Affairs Director Andrew Smith “We’re delighted to have played host to this world record which demonstrates our unique and unrivalled filming facilities here at Pinewood. Our Drive-In offers a spectacular movie experience and it’s proving a great way for the Studios to engage with the public. A very special thanks to QED for their wonderful technical production enabling this world record attempt to take place.”

Filmed at Pinewood Studios, Mission: Impossible stars Tom Cruise as spy Ethan Hunt, whose mission, should he choose to accept, is to prevent the theft of a computer file from American double agents.

Pinewood’s Drive-In is open every weekend until Sunday 6 December 2009. From The Bourne Ultimatum to Kubrick’s 2001: A Space Odyssey, Slumdog Millionaire to Superman, Pinewood and its sister studio Shepperton have helped create each film in the Drive-In series.

Tickets £35 standard / £55 VIP priced per car with up to 4 persons, available from www.seetickets.com.

More info at: http://www.pinewoodgroup.com/gen/drivein.aspx.

To view the entire schedule of films to be presented, visit the official Pinewood Studios Group website.

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For sale: MGM Studio

Struggling studio MGM says it’s looking for buyer

Struggling movie studio Metro-Goldwyn-Mayer Inc. is looking for a buyer.

The home of the James Bond and Pink Panther franchises said Friday it has begun to explore strategic options including “a potential sale of the company.”

In a statement, MGM also said its lenders have agreed to grant the company another respite until Jan. 31 from interest payments on nearly $4 billion in debt.

The decision, reversing its refusal to sell a year ago, came during a conference call Friday between restructuring expert Stephen Cooper, now MGM’s vice chairman, and the 140 lenders owed some $3.7 billion in bonds maturing in mid-2012, according to a person close to the situation.

The person was not authorized to speak publicly and spoke on condition of anonymity.

The lenders agreed to seek outside investors for a new partnership, investment or sale of part or all of the company. Its most valuable asset is its library of 4,000 movie and TV-show titles including such as Rocky and Dances With Wolves. It also owns subsidiary United Artists, headed by Tom Cruise, whose film Valkyrie grossed a respectable $200 million worldwide after its release last year.

But the company has fallen on hard times and the home video market has shrunk.

MGM’s latest release, a remake of the 1980 musical Fame, was panned by critics and quickly vanished from most theaters after its Sept. 25 release, making just $27 million worldwide.

Financial adviser Moelis & Co. is expected to send out non-disclosure agreements and detailed financial information to interested parties by early next week, the person said.

Potential buyers include Time Warner Inc., the parent of the Warner Bros. studio, and News Corp., home of 20th Century Fox.

On Thursday, with rumors swirling of its potential sale, Lions Gate Entertainment Corp. Vice Chairman Michael Burns also said his company was interested in taking a look.

“They have fantastic franchises like James Bond, they have half of The Hobbit. Of course it’s interesting to us,” Burns told CNBC’s Fast Money.

Although MGM had the cash on hand to make the interest payments, pushing back the interest payments allows it to complete three movies it has in the pipeline for next year: Hot Tub Time Machine, Red Dawn, and The Zookeeper, the person said.

MGM was taken private for nearly $5 billion in 2005 by a group led by Providence Equity Partners, Texas Pacific Group, Sony Corp. and Comcast Corp., DLJ Merchant Banking Partners and Quadrangle Group.

In 2007, MGM made $558 million alone from its library of titles, but since then DVD sales have declined industrywide, and a large chunk of those sales has likely vanished.

Besides the bonds, has a $250 million revolving credit facility with JPMorgan due in April.

Cooper, a restructuring guru and former chief executive officer of ailing businesses from Krispy Kreme Doughnuts Inc. to Enron Corp., joined MGM as a member of an “Office of the CEO,” replacing Chief Executive Harry Sloan in August.

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Lions Gate expresses an interest in buying MGM

Lions Gate Entertainment has expressed an interest in purchasing the ill-fated MGM Studio.

This news follows up yesterday’s report on CommanderBond.net that the James Bond studio home may be headed to the auction block soon. The Los Angeles Times writes that Lions Gate vice chairman Michael Burns said they would consider buying—but only if the price is right.

‘It’s all about price,” Bloomberg quoted Burns telling investors, adding, ‘We’ll know sooner rather than later’ what it’s going for. Under their current financial hardships, insiders are pegging MGM’s value at between $2 billion to $2.5 billion, a steep decline from the $5 billion that a group of investors paid for the studio several years ago.

‘Obviously, we’d look at any complimentary asset at the right price where we can leverage our infrastructure,’ Burns added.

Of particular note is MGM’s library of more than 4,000 titles, including the always lucrative 007 series as well as J.R.R. Tolkien’s The Hobbit.

MGM is currently dealing with restructering some $3.7 billion in debt. It was announced in early October that the studio had secured a forbearance agreement which exempted them from interest payments to lenders until 15 December.

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