{"id":4195,"date":"2012-09-18T19:47:51","date_gmt":"2012-09-18T23:47:51","guid":{"rendered":"https:\/\/bejone03.expressions.syr.edu\/trf235\/?p=4195"},"modified":"2012-12-21T01:10:58","modified_gmt":"2012-12-21T06:10:58","slug":"spyglass-jocelyn","status":"publish","type":"post","link":"https:\/\/bejone03.expressions.syr.edu\/trf235\/2012\/09\/18\/spyglass-jocelyn\/","title":{"rendered":"Spyglass"},"content":{"rendered":"
by Jocelyn Yan<\/pre>\n
History<\/strong><\/p>\n
Founded in 1998 by co-CEO\u2019s Gary Barber and Roger Birnbaum, Spyglass Entertainment is an American production, finance, and distribution company responsible for blockbusters such as No Strings Attached, 27 Dresses, and The Sixth Sense. \u00a0 European media giants, Kirch Group and Mediaset, invested $250 million to form Spyglass Entertainment.\u00a0 Spyglass is known for co-financing with several other production studios such as Touchstone Pictures and Paramount Studios to produce box-office hits.\u00a0 The company is owned by private equity firm Cerberus Capital Management, which has a significant stake in Spyglass. \u00a0Spyglass\u2019 headquarters are based in Los Angeles. [1]<\/p>\n
\"\"\"\"<\/p>\n
When MGM, Metro-Goldwyn-Mayer, filed for bankruptcy on November 3, 2010 due to its inability to pay for its $4 billion in increasing interest payments and debt, the executives of Spyglass presented MGM with a reconstruction plan in exchange for equity stake and management.\u00a0 As a result, co-CEO\u2019s of Spyglass, Gary Barber and Roger Birnbaum took over, becoming co-CEO\u2019s and co-chairs of MGM.[2] \u00a0Recent reports have shown that Spyglass\u2019 takeover of MGM has indeed led to MGM\u2019s recent profitability and success.[3]<\/p>\n
 <\/p>\n
Recent News<\/strong><\/p>\n
 <\/p>\n
<\/strong>July-September 2012<\/em><\/p>\n
 <\/p>\n
Because of the impending releases of two major blockbusters,\u00a0Skyfall<\/em>\u00a0and\u00a0The Hobbit<\/em>, MGM submitted an IPO or Initial Public Offering filing, which allows investors to gauge the value and success of the coming films.\u00a0 Especially significant due to MGM\u2019s post-bankrupt state, this IPO filing attracts interest for potential investors.\u00a0 Looking to go public, MGM has emerged from post-bankruptcy to profitability due to Spyglass\u2019 Gary Barber and Roger Birnbaum\u2019s cutting and different approach towards distribution.\u00a0 Carl Icahn, MGM\u2019s largest investor, sold his 25% stake in MGM in order for MGM to receive a higher IPO value. [4]<\/p>\n
 <\/p>\n
October 3, 2012\u00a0<\/em><\/p>\n
 <\/p>\n
Spyglass announced that co-CEO Roger Birnbaum stepped down as co-CEO to redirect his energy towards producing.\u00a0 This decision leaves Gary Barber as the sole CEO of Spyglass and MGM.\u00a0 Birnbaum stated, \u201cI have been in the film business a long time, and my greatest passion has always been producing.\u00a0 Now is the time for me to return to what I love to do the most\u2026producing films.\u201d \u00a0Both Birnbaum and Barber have stated that the decision was \u201camicable.\u201d \u00a0Birnbaum chose to stay and exclusively produce with Spyglass and MGM. \u00a0They look forward to continue sharing success together. [5]<\/p>\n
 <\/p>\n
November 2012<\/em><\/p>\n
 <\/p>\n
The release of the much-anticipated film of the James Bond series,\u00a0Skyfall<\/em>\u00a0directed by Sam Mendes, proved to be a major success.\u00a0\u00a0Skyfall<\/em>\u00a0earned a staggering $33 million at the box office in its first day, November 9.\u00a0 As expected,\u00a0Skyfall\u00a0<\/em>was also a leading earner at the box office for the Wednesday to Sunday Thanksgiving stretch right behind the number one earner\u00a0Breaking Dawn 2<\/em>.\u00a0 During Thanksgiving week,\u00a0Skyfall<\/em>\u00a0grossed $36 million for the 3-day period and $51 million for the total 5-day period.\u00a0 To date,\u00a0Skyfall<\/em>\u00a0has grossed $245 million domestically and $868 million internationally.\u00a0 Overall,\u00a0Skyfall<\/em>\u00a0is the largest grossing James Bond movie in history.[6]<\/p>\n
 <\/p>\n
December 2012<\/em><\/p>\n
 <\/p>\n
Another well-known series based on JRR Tolkien\u2019s fantasy novels is slated for a 
\n<\/a>successful release on December 14.[7] \u00a0The first of three films\u00a0The Hobbit: There and Back Again<\/em>\u00a0directed by Peter Jackson has already launched an extensive advertising campaign to promote the trilogy.<\/p>\n
The Hobbit<\/em>\u00a0trilogy is partnering with New Zealand\u2019s tourism\u00a0department, Microsoft, and \"\"<\/a>Denny\u2019s to ensure successful box office results. \u00a0Air New Zealand recently released an inflight safety video that features characters from\u00a0Tolkien\u2019s novels.\u00a0 Moreover, the
\n<\/a>airline painted one of their airplanes with\u00a0The Hobbit<\/em>\u00a0theme and characters greet passengers in New Zealand airports.[8] \u00a0Microsoft is featuring\u00a0The Hobbit<\/em>\u00a0characters on its Windows Phone platform.[9]<\/p>\n
While, Denny\u2019s is using\u00a0The Hobbit<\/em>\u00a0characters to push \u201cHobbit-inspired\u201d menu items such\"\"<\/a> as Frodo\u2019s Pot Roast Skillet and Build-Your-Own Hobbit Slam.[10] These companies intend to share the publicity and wealth over the impending success of the beginning of the release of\u00a0The Hobbit<\/em>\u00a0trilogy.<\/p>\n
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 <\/p>\n
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References<\/span><\/p>\n
 <\/p>\n
[1]\u00a0http:\/\/www.spyglassentertainment.com\/<\/a><\/p>\n
[2]\u00a0http:\/\/online.wsj.com\/article\/SB10001424052748703506904575592200573445526.html<\/a><\/p>\n
[3] http:\/\/www.hollywoodreporter.com\/news\/mgm-bankruptcy-return-21-jump-street-303431<\/a><\/p>\n
[4]\u00a0http:\/\/www.businessweek.com\/news\/2012-09-07\/mgm-studio-said-to-seek-ipo-before-next-bond-movie<\/a><\/p>\n
[5]\u00a0http:\/\/www.deadline.com\/2012\/10\/mgm-co-chairman-ceo-roger-birnbaum-steps-down-will-become-producer-gary-barber-to-become-sole-chairman-ceo\/<\/a><\/p>\n
[6]\u00a0http:\/\/www.boxoffice.com\/statistics\/movies\/bond-23-2012<\/a><\/p>\n
[7]\u00a0http:\/\/www.mgm.com\/about\/pdf.php<\/a><\/p>\n
[8]\u00a0http:\/\/www.businessweek.com\/news\/2012-11-27\/hobbit-gets-red-carpet-welcome-as-new-zealand-eyes-dwarven-gold<\/a><\/p>\n
[9]\u00a0http:\/\/www.geekosystem.com\/the-hobbit-windows-phone\/<\/a><\/p>\n
[10]\u00a0http:\/\/finance.yahoo.com\/blogs\/the-exchange\/denny-diner-middle-earth-160333541.html<\/a><\/p>\n
 <\/p>\n","protected":false},"excerpt":{"rendered":"
by Jocelyn Yan History Founded in 1998 by co-CEO\u2019s Gary Barber and Roger Birnbaum, Spyglass Entertainment is an American production, finance, and distribution company responsible for blockbusters such as No Strings Attached, 27 Dresses, and The Sixth Sense. \u00a0 European … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":154,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[28,10,9,151],"tags":[],"_links":{"self":[{"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/posts\/4195"}],"collection":[{"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/users\/154"}],"replies":[{"embeddable":true,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/comments?post=4195"}],"version-history":[{"count":14,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/posts\/4195\/revisions"}],"predecessor-version":[{"id":5498,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/posts\/4195\/revisions\/5498"}],"wp:attachment":[{"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/media?parent=4195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/categories?post=4195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bejone03.expressions.syr.edu\/trf235\/wp-json\/wp\/v2\/tags?post=4195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}