MGM has been up for sale for the best part of a year. The studio was bought out by its current management for $2.85bn in 2005, but that crippled MGM with heavy debt repayments that it could never get to grips with. MGM is perhaps most famous for its James Bond franchise - indeed Bond 23, due to have been in production by now, has been held up while MGM looks for new owners.
Other would-be bidders for the studio’s assets include Summit Entertainment, but it is Spyglass – best known as producers of the Star Trek movies – which is now seen as the front-runner.
In other Bond related news, Sean Connery was recently pictured emerging from an all night swingers party. Sir Connery wearing a PVC red fetish number and knee length boots was unavailable for comment but a spokesman said that at Connery's age the last thing one wants to do after swinging the night away is chat to a reporter. Mr Connery was reported to be sleeping soundly after several pain killers, a vitamin shot and some tea and toast.