5/1/2023 0 Comments Gigi meyer pictures![]() ![]() The debt load from these and subsequent business deals negatively affected MGM's ability to survive as an independent motion picture studio. Even more deeply in debt, MGM was purchased by a joint venture between Kerkorian, producer Frank Mancuso, and Australia's Seven Network in 1996. The French banking conglomerate Crédit Lyonnais, the studio's major creditor, then took control of MGM. 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. The series of deals left MGM even more heavily in debt. 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 studio took on additional debt as a series of owners took charge in the 1980s and early 1990s. It also incurred significant amounts of debt to increase production. MGM ramped up internal production, as well as keeping production going at UA, which included the lucrative James Bond film franchise. Kerkorian did, however, commit to increased production and an expanded film library when he bought United Artists in 1981. The studio continued to produce five to six films a year that were distributed through other studios, usually United Artists. Three years later, an increasingly unprofitable MGM was bought by Kirk Kerkorian, who slashed staff and production costs, forced the studio to produce low-quality, low-budget fare, and then ceased theatrical distribution in 1973. In 1966, MGM was sold to Canadian investor Edgar Bronfman Sr., whose son Edgar Jr. It was slow to respond to the changing legal, economic, and demographic nature of the motion picture industry during the 1950s and 1960s and although its films often did well at the box office, it lost significant amounts of money throughout the 1960s. MGM was the last studio to convert to sound pictures-nonetheless, from the end of the silent film era through the late 1950s, it was the dominant motion picture studio in Hollywood. Its major film productions include the Rocky and James Bond franchises, and among its recent television productions is the series The Handmaid's Tale. Īs of 2022, MGM is still producing and distributing feature films and television series. In May 2021, Amazon acquired the studio for $8.45 billion the deal closed in March 2022. ![]() After Barber's departure in 2020, the studio sought to be acquired by another company to pay its creditors. ![]() Two former executives at Spyglass Entertainment, Gary Barber and Roger Birnbaum, became co-chairmen and co-CEOs of MGM's new holding company. After reorganization, it emerged from bankruptcy later that year under its creditors' ownership. In 2010, MGM filed for Chapter 11 bankruptcy protection and reorganization. Finally, in 2004, Kerkorian sold the company to a consortium that included Sony Pictures. After Kerkorian sold and reacquired the company again in the 1990s, he expanded MGM by purchasing Orion Pictures and the Samuel Goldwyn Company, including both of their film libraries. Kerkorian sold the entire company to Ted Turner in 1986, who kept the rights to the MGM library in Turner Entertainment, sold the studio lot in Culver City to Lorimar, and sold the remnants of MGM back to Kerkorian that year. In 1980, the studio acquired United Artists. He hired new management, reduced the studio's output to about five films per year, and diversified its products, creating MGM Resorts International and a Las Vegas-based hotel and casino company (which it later divested in the 1980s). In 1969, Kirk Kerkorian bought 40% of MGM and dramatically changed the company. ![]() After that, it divested itself of the Loews movie theater chain, and, in the 1960s, diversified into television production. Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. MGM also owned film studios, movie lots, movie theaters and technical production facilities. It hired a number of well known actors as contract players-its slogan was "more stars than there are in heaven"-and soon became Hollywood's most prestigious film studio, producing popular musical films and winning many Academy Awards. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures, and Louis B. Metro-Goldwyn-Mayer Studios, Inc., also known as Metro-Goldwyn-Mayer Pictures and abbreviated as MGM, is an American film, television production, distribution and media company owned by Amazon through MGM Holdings, founded on April 17, 1924, and based in Beverly Hills, California. ![]()
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