Wanna Buy A Hobbit?
MGM is looking to raise as much as $600 million to finance an upcoming film slate, including Peter Jackson's Lord of the Rings prequel, The Hobbit , additional Pink Panther comedies starring Steve Martin, and a remake of the 1980 musical Fame, Bloomberg News reported today (Tuesday). "In the past, movie studios haven't offered Wall Street the opportunity to participate in their biggest and best films," MGM spokesman Jeff Pryor told the wire service. "There is a lot of interest because of the quality of product we have." Only last month Paramount scrapped similar plans to raise $450 million from a unit of Germany's Deutsche Bank, blaming the current lending climate. The Deutsche Bank unit, set up specifically to invest in entertainment projects, was subsequently shut down.