Who says the movies are recession-proof? A lot of people, actually, yet for every record-breaking opening weekend while the economy is in the shitter, a small film studio, distributor or film festival is likely still hurting financially. Maybe even going bankrupt.

Today movie lovers are saddened by the financial woes experienced by two very different film-based institutions. CineVegas, a favorite film festival of Spout’s Karina Longworth, announced it will be taking a year off due to the current economy. Meanwhile, MGM is also in a desperate situation, though not necessarily due to the recession, and that could mean future Hobbit and James Bond films are also at least temporarily in jeopardy.

I’m not as concerned for those film franchises as I am for Leo the Lion, beloved MGM mascot and monumental film icon. I hope to never have to see the likely punny headlines referencing a certain Tokens song if the lion is forever put to sleep. As for CineVegas, I’ve never even been to the Sin City event, so I can’t speak firsthand to what a loss this is for the 2010 film fest circuit. Still, it made me very sad to read the news of its troubles today.

Check out what the film blogs have to say about each of these depressing stories after the jump:
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