The Magnificent Seven—it’s one of the greatest remakes of all time.  Taking the original premise of Akira Kurosawa’s indelible Seven Samurai (in 1587, village farmers in feudal Japan hire seven samurai to fight the bandits who are stealing their crops) and recasting it into a Western in which seven outlaws protect a Mexican agricultural village, it’s a remake that actually attempts to do something new with a preexisting premise.  And of course, The Magnificent Seven is now being given a straight remake that won’t have a new spin, and it will star Tom Cruise for whatever reason.  Details below.

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If there is going to be a theme for the next couple years of cinema it’s going to be branding. It’s the most important thing a studio can have these days, as it means that there is a built-in awareness. We’ve seen it building over the last couple years, but now it’s hitting a point of ludicrousness as MGM has optioned Where’s Waldo? for the big screen.

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When MGM shipwrecked last spring, it left the fate of The Hobbit, James Bond and two unreleased films in question (Cabin the Woods, Red Dawn). As of today, the company has figured out their release plans for the current and older titles. Sony will handle the theatrical distribution and Fox will handle their home video. Unknown in this split is when Cabin or Dawn will see the light of day.

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Earlier this week it was made public that MGM’s Red Dawn remake would change its villains from the Chinese to North Koreans. In damage control mode, one of the producers (Tripp Vinson) reached out to Jeremy Smith of Ain’t It Cool News to offer the why of why this happened. He says it’s because that’s what game theorists thought was more likely.

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MGM has decided to join forces with Paramount to co-finance their upcoming tentpole Hansel & Gretel: Witch Hunters. It may sound insane considering the rollercoaster ride the studio has been on over the past two years but they have a plan. Not only has MGM signed a distribution deal with the studio they’ve also decided to release the film in 3D.

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After all the back and forth between MGM and EON Productions, the 23rd installment of the James Bond franchise has been confirmed. It’s happening and everyone is finally on the same page. According to a statement sent out by EON, they’ve confirmed Daniel Craig to star, Sam Mendes to direct, and a new release date.

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This week MGM officially filed for Chapter 11 bankruptcy due to an overwhelming debt of $4 billion. Prior to the announcement they had already given the green light to the Peter Jackson project The Hobbit, but their James Bond franchise was left in limbo. According to a report from the Financial Times, MGM does have plans for the legendary spy series, which will resurface in the fall of 2012.

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After MGM finally decided to give The Hobbit the green light we knew they were taking steps in the right direction. The James Bond franchise is still in limbo but we’re hoping at some point they’ll get around to bringing it out of semi-retirement. Unfortunately, that plan will have to wait until the studio gets through their latest legal battle. It’s no secret that over the past couple years MGM has been battling some major debt, $4 billion to be exact, and according to a press release sent out by the studio they have officially filed for Chapter 11 bankruptcy.

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MGM has wasted no time letting the world know that they’ve come to their senses regarding the long awaited prequel, The Hobbit. The studio along with Warner Bros released a joint press statement to the media confirming all the things we want to hear. Peter Jackson will direct the film, it’s been given the green light, and it’s scheduled to go into production relatively soon. Check out the specifics below…

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