Spyglass duo Roger Birnbaum and Gary Barber will run MGM following a vote by the studio’s creditors.
The votes ends months of speculation over the fate of one of the most venerated Hollywood institutions.
A statement issued by the creditors said: “Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the secured lenders voting in the Company’s solicitation process have overwhelmingly approved its proposed plan of reorganization (“Plan”).
“MGM will now move expeditiously to implement that Plan, which will dramatically reduce its debt load and put the Company in a strong position to execute its business strategy. MGM is appreciative of the lenders’ support.”
Lionsgate had made overtures to merge with the studio in a proposal that was eventually backed by corporate raider Carl Icahn.