Tony And Ridley Scott Hope To Tame Mgm's Lion
British producer-directors Tony and Ridley Scott are riding to the rescue of MGM, the London Financial Times reported today (Friday) citing people familiar with the situation. The two brothers, who separately have created such hits as Alien, Top Gun and Gladiator have submitted a restructuring plan to the studio's creditors and have proposed taking over MGM's management, which is burdened with a $3.7-billion debt load. A recent attempt by the creditors to auction the historic studio, whose principal assets are its film library and its rights to the James Bond character -- as well as its familiar Leo the Lion logo -- failed to generate more than passing interest from media companies. The Scotts currently operate their own production company, Scott Free, but the FT said it was not clear whether their restructuring plan includes combining it with MGM. Their entry into the lion's den is regarded as a surprise since they had not previously been mentioned in reports about the studio's struggles.