Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer Studios Inc.
Subsidiary
IndustryFilm
Predecessors
FoundedApril 17, 1924; 94 years ago (1924-04-17)
Founder
HeadquartersBeverly Hills, California, U.S.
Key people
Products
  • Motion pictures
  • Television programs
ParentMGM Holdings, Inc.
Divisions
Subsidiaries

Metro-Goldwyn-Mayer Studios Inc. (initialized as MGM; common metonym: the Lion or Leo)[3] is an American media company, involved primarily in the production and distribution of feature films and television programs. One of the world's oldest film studios, MGM's headquarters are located at 245 North Beverly Drive in Beverly Hills, California.[4]

MGM was founded in 1924 when the entertainment entrepreneur Marcus Loew gained control of Metro Pictures, Goldwyn Pictures, and Louis B. Mayer Pictures.[5][page needed][6]

In 1971, it was announced that MGM would merge with 20th Century Fox, a plan which never came into fruition.[7] Over the next 39 years, the studio was bought and sold at various points in its history until, on November 3, 2010, MGM filed for Chapter 11 bankruptcy.[8][9][10] MGM emerged from bankruptcy on December 20, 2010, at which time the executives of Spyglass Entertainment, Gary Barber and Roger Birnbaum, became co-chairmen and co-CEOs of the holding company of Metro-Goldwyn-Mayer.[11] As of 2017, MGM co-produces, co-finances, and co-distributes a majority of its films with Sony Pictures,[12][13] Paramount Pictures[14][15] and Warner Bros.

MGM Resorts International, a Las Vegas-based hotel and casino company listed on the New York Stock Exchange under the symbol "MGM",[16] was created in 1973 as a division of Metro-Goldwyn-Mayer. The company was spun out in 1979, with the studio's then owner Kirk Kerkorian maintaining a large share, but it ended all affiliation with Metro-Goldwyn-Mayer in 1986.

Overview

MGM was the last studio to convert to sound pictures, but in spite of this fact, from the end of the silent film era through the late 1950s, Metro-Goldwyn-Mayer was the dominant motion picture studio in Hollywood.[17][page needed][18][page needed] Always slow to respond to the changing legal, economic, and demographic nature of the motion picture industry during the 1950s and 1960s,[19][page needed][20][page needed][21][page needed] and although at times its films did well at the box office, the studio lost significant amounts of money throughout the 1960s.[20][21] In 1966, MGM was sold to Canadian investor Edgar Bronfman Sr., whose son Edgar Jr. would later buy Universal Studios.[citation needed] Three years later, an increasingly unprofitable MGM was bought by Kirk Kerkorian, who slashed staff and production costs, forced the studio to produce low-budget fare, and then shut down theatrical distribution in 1973.[21] The studio continued to produce five to six films a year that were released through other studios, mostly United Artists. Kerkorian did, however, commit to increased production and an expanded film library when he bought United Artists in 1981.[citation needed]

MGM ramped up internal production, as well as keeping production going at UA, which included the lucrative James Bond film franchise.[22][page needed] It also incurred significant amounts of debt to increase production.[23][page needed] The studio took on additional debt as a series of owners took charge in the 1980s and early 1990s. In 1986, Ted Turner bought MGM, but a few months later, sold the company back to Kerkorian to recoup massive debt, while keeping the library assets for himself. The series of deals left MGM even more heavily in debt.[24] MGM was bought by Pathé Communications (led by Italian publishing magnate Giancarlo Parretti) in 1990, but Parretti lost control of Pathé and defaulted on the loans used to purchase the studio.[21][24] The French banking conglomerate Crédit Lyonnais, the studio's major creditor, then took control of MGM.[21][24][25] Even more deeply in debt, MGM was purchased by a joint venture between Kerkorian, producer Frank Mancuso, and Australia's Seven Network in 1996.[26]

The debt load from these and subsequent business deals negatively affected MGM's ability to survive as an independent motion picture studio. After a bidding war which included Time Warner (the current parent of Turner Broadcasting) and General Electric, MGM was acquired on September 23, 2004, by a partnership consisting of Sony Corporation of America, Comcast, Texas Pacific Group (now TPG Capital, L.P.), Providence Equity Partners, and other investors.[27][28]

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