Metro-Goldwyn-Mayer, the iconic movie studio responsible for the James Bond franchise as well as Van Wilder 2: The Rise of Taj, has filed for Chapter 11 bankruptcy. The company, which was pressured into filing by investor Carl Icahn, is seeking a 30-day reorganization period in which to pay its creditors.

As part of the reorganization, Spyglass Entertainment will take over management of MGM. Also, company mascot, Leo the Lion, will be euthanized as a cost-cutting measure, and his meat will be sold to the Chinese, who consider lion flesh to be an aphrodisiac. (Vulture)

It's good to know that some forward momentum is being made on The Hobbit despite the labor disputes that are tripping up the film's location. The first round of casting has been announced and you're going to be psyched. But only if you're knowledgeable about British television. Here's who we got so far:
Martin Freeman (UK "The Office") as Bilbo Baggins
Richard Armitage ("Spooks") as Thorin Oakenshield, Dwarf leader
Aidan Turner ("Being Human") as Kili
Rob Kazinsky ("EastEnders") as Fili
Graham McTavish (Secretariat) as Dwalin
John Callen ("Power Rangers Jungle Fury") as Oin
Stephen Hunter ("All Saints") as Bombur
Mark Hadlow (King Kong) as Dori
Peter Hambleton ("The Strip") as Gloin
 
Ian McKellan and Andy Serkis have not been confirmed to return, but that announcement is expected. Stephen Fry, Saoirse Ronan, Bill Nighy, James Nesbitt, and David Tennant are all also rumored to be up for parts. But I think the biggest news to come out of this is that there's a show called "Power Rangers Jungle Fury" and it actually lead to someone getting more work. (Deadline)

Clever girl.
Peter Jackson has finalized his deal to return to the Shire. The Lord Of The Rings helmer is locked and loaded and ready to direct the living crap out of The Hobbit. New Line Cinema and MGM managed to come to a deal. My bet is the cash-strapped MGM will have to do New Line's laundry for an entire year. Either that or something having to do with percentage points.
However, this wouldn't be The Hobbit if there weren't concerns over additional delays. The project has overcome bankruptcy and a fire, but is now only curtailed by a union dispute in New Zealand. If this cannot be resolved for the planned February start date, the production will have to move elsewhere. Which will cause more delays and drive up the already high budget. Which means MGM will be folding undies for a long time to come. (NY Times)

You want Bilbo Baggins, Freeman wants a Kit-Kat.
People are talking about The Hobbit again. Yesterday, The Sun reported that New Line and MGM were doing everything short of offering up hookers to land Martin Freeman (The British "The Office") for the role of Bilbo Baggins. We obviously dismissed it because The Sun has as much clout as Highlights Magazine, but now Entertainment Weekly is reporting that the rumors are true. TRUE!
It was at first thought that Freeman declined the offer to star in the inevitable blockbuster due to his committment to the BBC series "Sherlock." Well someone must have screamed some sense in his face because the studios are now working out a deal that would allow him to appear in both projects. If they land the actor, all they'll need to worry about next is money and a director. Those kind of major factors usually fall into place last minute though. Take it from MGM, the studio without a bush to piss in or a lion's den to throw it out of.   

While Peter Jackson is confident that the legal squabble between Warner Bros. and MGM over The Hobbit will be resolved "sometime soon," the Lord of the Rings prequel may not be his primary concern.
During an interview with New Zealand's Dominion Post, the acclaimed director discussed plans for his long-awaited ANZAC project, which would depict the exploits of the Australian and New Zealand Army Corps during World War I. Jackson hopes to complete the project before the 100th anniversary of the disastrous Battle of Gallipoli in 2015.
"It was doomed because while the Australians charged the Nek from below, the New Zealanders, who were supposed to simultaneously attack from above, didn't show up. But that's another story, and one I'd love to make as the 100th anniversary gets closer."
While the 100th anniversary of the Battle of Gallipoli is an important milestone, let's not forget that the eleventy-billionth anniversary of the Battle of the Pelennor Fields is also approaching. Allowing The Hobbit to languish in legal limbo spits on the memory of all those who gave their lives fighting Sauron and his evil minions. Shame on you, Peter Jackson. (Empire Online)