MGM: BARBER & BIRNBAUM SAID TALKING TO QUALIA CAPITAL'S SHAPIRO ABOUT PRESIDENT POST (NYP)
By Nancy Tartaglione
The New York Post reports that MGM, which is poised to emerge from bankruptcy protection as early as this week, is looking for senior management to help the studio find its legs. Gary Barber and Roger Birnbaum are said to be talking to Qualia Capital's Ken Shapiro as well as other Hollywood veterans in their search for a president, Post sources indicated.
After wiping out a mammoth amount of debt, insiders say the studio is set for the moment. But, according to the Post, some bankers think MGM will soon have to raise additional funds.
"I suspect its deeply possible they'll look for additional financing," Stephen Prough, a founder of Salem Partners, told the paper. "They have been very successful at getting money on Wall Street."
Continued Prough, "Their first step is solidifying the team there. Then the other thing they'll do is to start looking hard at franchises that can easily be monetized: Bond, 'The Hobbit' and 'The Thomas Crown Affair.'"
Meanwhile, one source close to MGM expects the studio to lay off as many as 75 people as it restructures its operations, the Post said.
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