Metro-Goldwyn-Mayer is taking another step away from their 2010 bankruptcy.
The Los Angeles Times is reporting that the 88-year-old movie studio filed for a possible public offering of its stock. Bloomberg reports that MGM has hired JP Morgan and Goldman Sachs to manage its IPO.
The move would allow the owners that picked up the studio’s debt to begin selling their holdings in the company.
After filing for bankruptcy, MGM became profitable by selling their library of over 4,000 films and 10,000 television episodes to foreign and digital distributors.
MGM released a brief statement saying it filed a draft registration statement for an IPO with the Securities and Exchange Commission, but no information on price or when it would go public.
The company has had minor success this year, scoring with “21 Jump Street” after losing money on a minority investment in Sony’s “The Girl with the Dragon Tattoo.” The Los Angeles Times speculates that this fall would be an ideal time to go through with the IPO, as they have two major movies coming out, the new James Bond film “Skyfall” and Peter Jackson‘s return to Middle Earth, “The Hobbit: An Unexpected Journey.” 2013 brings remakes of “Carrie” and “Robocop.”
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