Spyglass has also backed its share of turkeys including The Love Guru and Underdog.
The company will then come under the management of Spyglass Entertainment heads Gary Barber and Roger Birnbaum.
The studio had been slated to go into Chapter 11 bankruptcy and emerge under control of Spyglass Entertainment.
The modern internet era blasted off in 1994 with the debut of web browsers, such as Mosaic, Spyglass and Netscape.
The trilogy comprises The Northern Lights - called The Golden Compass in the US - The Subtle Knife and The Amber Spyglass.
Icahn had given creditors until today to take him up on his offer which was contingent on them voting against the Spyglass plan.
Another browser pioneer, Spyglass, transitioned from PCs to avoid Microsoft, and started making browsers for mobile phones, TVs and other devices creating billions for investors.
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The companies that are currently bidding for MGM (Lionsgate, Spyglass, and Summit Entertainment) would likely be happy to get help from Sony on a big budget film like Bond.
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If the vote passes, when MGM emerges from bankruptcy, Gary Barber and Roger Birnbaum, co-chief executives of Spyglass Entertainment, will also become chairmen and chief executives of MGM.
Her next film, The Tourist, is another action thriller this time costarring Johnny Depp which means it cost the producers (Graham King and Spyglass Entertainment) a pretty penny in star salaries.
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Last week the troubled MGM announced plans to declare Chapter 11 bankruptcy and then emerge under the leadership of Spyglass Entertainment, a movie finance company that has backed films such as Star Trek and Wanted.
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