Spyglass-MGM deal

Dealmakers Impact Report 2010

Gary Barber and Roger Birnbaum
Spyglass Entertainment
Since Barber and Birnbaum founded Spyglass in 1998, the production, finance and distribution company’s productions have grossed approximately $5 billion in worldwide B.O. Birnbaum, an artistic director and trustee at AFI, and Barber, producer of this year’s “The Tourist,” run Spyglass for New York-based Cerberus Capital Management.
KEY DEALS: Barber and Birnbaum cobbled an agreement that will make them co-CEOs of a reorganized MGM. Lion filed for Chapter 11 bankruptcy Nov. 3. The filing included a deal that MGM’s creditors had pre-approved giving Barber and Birnbaum control of the company. Initially, deal included putting about 15 Spyglass titles into the new MGM library, but that clause was removed, reducing the Spyglass stake in MGM to less than 1%. Spyglass is to receive $4 million and up to $500,000 if its agreement is breached. Bankruptcy deal wipes out $5 billion of MGM debt.
SPARE TIME: Barber: Owns and breeds thoroughbred horses. Birnbaum: Art collecting, sailing.
TOP CAUSE: Barber: Celiac disease research. Birnbaum: Cancer research.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety

Loading