By John Young
Updated August 10, 2010 at 12:00 PM EDT

Spyglass Entertainment is nearing a deal to run debt-ridden movie studio MGM, according to The Wall Street Journal. Spyglass, which has co-financed such movies as Dinner for Schmucks, Star Trek, and The Sixth Sense, would receive a 4 percent ownership stake in the restructured studio, and creditors would forgive MGM’s $4 billion debt in exchange for the bulk of the studio’s new equity. A deal could reportedly be finished as soon as this week, ultimately paving the way for MGM to return to making movies, including the James Bond franchise and Peter Jackson’s two Hobbit films.