Report: Qualia Capital's Ken Shapiro Up for President of MGM

The studio could emerge from Chapter 11 bankruptcy as early as next week.

Qualia Capital's Ken Shapiro could be named president of MGM when it emerges from Chapter 11 bankruptcy as early as next week.

"He is a candidate," an insider told the New York Post, adding that several other Hollywood veterans are being considered.

Co-chiefs Gary Barber and Roger Birnbaum are also seeking more senior management to reposition the studio and revive production on the 23rd James Bond installment and The Hobbit, including hiring a head of production to replace Mary Parent.

The Post also reports that MGM may seek additional financing to produce the next Bond flick, which could cost $200 million.

"I suspect its deeply possible they'll look for additional financing," Stephen Prough, a founder of Salem Partners, an investment bank specializing in media and entertainment, told the paper. "They have been very successful at getting money on Wall Street."

"Their first step is solidifying the team there," he added. "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.'"

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