MGM files for bankruptcy protection

The lion just squeaked. Metro-Goldwyn-Mayer filed for bankruptcy protection today. The studio of James Bond has been planning this for more than a year, and finally won approval from its lenders.

MGM plans to merge with Spyglass Entertainment, whose co-CEOs will lead the combined company.

MGM is one of the studios involved in making “The Hobbit” prequel to the “Lord of the Rings” trilogy. But not to worry, my little precious. The company is seeking permission to start funding its half of that production from newly-issued debt.