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Spyglass Close To Rescuing MGM

Good news for fans of James Bond and The Hobbit. Spyglass Entertainment is near a deal to run financially troubled MGM, the Wall Street Journal says. Spyglass would receive a 4 percent ownership stake in the studio, and creditors would ignore MGM’s $4 billion debt in exchange for the majority of the studio’s new equity. The deal could be finished as soon as this week, at which point the studio would be able to return to making movies. [WSJ]