MGM Chief Takes A Swing At Lionsgate While (Sorta) Standing By 'Valkyrie'
We admit there's not a whole lot of shattered Earth to be found in Sunday's NY Times survey of the limping, lethargic new/old MGM (i.e. deep library, shallow future). Hats off to chairman Harry Sloan, though, for abandoning the low-energy talking points early on in the process and getting straight to the bitchslappy good stuff — whacks at his own new premium-cable partners ("If you don't have a major summer and a Christmas picture, you're not a player at the studio level. ... The best you're going to be is Lionsgate") and theatrical pals ("I thought I was making a deal with the guys who'd just come off Oscars for Chicago, Gangs of New York and Aviator," he said of the Weinstein Company. "Instead they went to the festivals, picked up movies and arbitraged MGM's deal on Showtime").
But at least Sloan stuck to the script when it came to United Artists — not that he has much choice with Valkyrie having consumed the $95 million it has, but his and studio president Mary Parent's optimism is decidedly advanced from his comments to the same paper a month-and-a-half ago:
MGM's financial records show that UA has already consumed about $150 million of its $500 million financing fund. But if the UA fund begins to dry up, Mr. Sloan says he is ready to replenish it.
"We're not going to let that thing fail," he said. "That is a non-duplicatable asset today, in these credit markets." ...
"[Valkyrie] didn't get out of the gate right, so we have to make sure there's adequate time to contextualize the film," Ms. Parent says. "It's a hard sell. It just is. But it's a film that people will be proud of."
Well, since she puts it that way — President's Day weekend, here we come!