MGM Looking for Hobbit Financing

MGM, in some legal way assocated with the the Hobbit, is attempting to raise more then $600 million in funds it needs to pay for the production of the movie and others including the Pink Panther.

From Bloomberg:

The MGM financing will also be used for next year's ``Fame,'' a remake of the 1980s musical, Pryor said. Investors will have access to future projects that include ``Bond 23,'' the working name of the ``James Bond'' installment that follows the Nov. 7 release ``Quantum of Solace,'' Pryor said. ``Bond 23'' is scheduled for 2010, according to Imdb.com.

MGM Chairman Harry Sloan is trying to rebuild the studio by reviving past successes such as ``Rocky'' and developing new film series after the company was taken private in April 2005 in a $5 billion buyout led by Providence Equity Partners and TPG Inc.'s TPG Capital LP.