Metro-Goldwyn-Mayer Studios: Difference between revisions
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Dissatisfied with Metro's output following his purchase of the studio, Loew later purchased [[Goldwyn Pictures|'''Goldwyn''' Pictures]] in 1924 and combined the two studios in the hope of creating higher quality content for his theaters. The same year, Louis B. Mayer sold his company, Louis B. Mayer Productions, to Loew for $75,000 (Around $1.17 million adjusted for inflation). The merger between the three studios was completed on April 17, 1924, with the three studios becoming '''Metro-Goldwyn-Mayer, Inc.''', or simply '''MGM'''. With Mayer serving as head of the studio Metro-Goldwyn-Mayer became one of the major players in the Golden Age of Hollywood and was part of the "Big Five" studios alongside [[Paramount Pictures]], [[RKO Radio Pictures]], [[20th Century Studios|20th Century Fox]] and [[Warner Bros. Pictures]]. At its peak in the 1930s, the studio was releasing 50 films a year. In 1952, Loews Inc. was forced to relinquish control of MGM due to the outcome of ''[[w:United States v. Paramount Pictures, Inc.|United States v. Paramount Pictures, Inc.]]'' forcing studios and theaters to separate. The split between Loews and MGM was finalized in 1959; by then, MGM was in decline due to a combination of that split, the decline of the old studio system and the rise of television. In 1957, the same year Louis B. Mayer died, the company filed a loss for the first time ever. | Dissatisfied with Metro's output following his purchase of the studio, Loew later purchased [[Goldwyn Pictures|'''Goldwyn''' Pictures]] in 1924 and combined the two studios in the hope of creating higher quality content for his theaters. The same year, Louis B. Mayer sold his company, Louis B. Mayer Productions, to Loew for $75,000 (Around $1.17 million adjusted for inflation). The merger between the three studios was completed on April 17, 1924, with the three studios becoming '''Metro-Goldwyn-Mayer, Inc.''', or simply '''MGM'''. With Mayer serving as head of the studio Metro-Goldwyn-Mayer became one of the major players in the Golden Age of Hollywood and was part of the "Big Five" studios alongside [[Paramount Pictures]], [[RKO Radio Pictures]], [[20th Century Studios|20th Century Fox]] and [[Warner Bros. Pictures]]. At its peak in the 1930s, the studio was releasing 50 films a year. In 1952, Loews Inc. was forced to relinquish control of MGM due to the outcome of ''[[w:United States v. Paramount Pictures, Inc.|United States v. Paramount Pictures, Inc.]]'' forcing studios and theaters to separate. The split between Loews and MGM was finalized in 1959; by then, MGM was in decline due to a combination of that split, the decline of the old studio system and the rise of television. In 1957, the same year Louis B. Mayer died, the company filed a loss for the first time ever. | ||
In 1969, Kirk Kerkorian purchased the company. In 1981, MGM purchased the failing United Artists and in 1982, was renamed MGM/UA Entertainment Co. On March 25, 1986, MGM/UA was purchased by Ted Turner (temporarily renaming the company MGM Entertainment Co.), but after a large amount of debt, sold it back on August 26, keeping the pre-1986 MGM library. MGM was then renamed to MGM/UA Communications Co. Then in 1990, it became MGM-Pathé Communications Co. after Giancarlo Parretti purchased the company and merged it with Pathé Communications (not to be confused with [[Pathé (France)|the well-known French Pathé studio]]). Due to lawsuits, it was sold back to Kerkorian yet again and the company became Metro-Goldwyn-Mayer in 1992. On April 8, 2005, a consortium led by [[Sony Entertainment|Sony]] bought the company. | In 1969, Kirk Kerkorian purchased the company. In 1981, MGM purchased the failing [[United Artists]] and in 1982, was renamed MGM/UA Entertainment Co. On March 25, 1986, MGM/UA was purchased by Ted Turner (temporarily renaming the company MGM Entertainment Co.), but after a large amount of debt, sold it back on August 26, keeping the pre-1986 MGM library. MGM was then renamed to MGM/UA Communications Co. Then in 1990, it became MGM-Pathé Communications Co. after Giancarlo Parretti purchased the company and merged it with Pathé Communications (not to be confused with [[Pathé (France)|the well-known French Pathé studio]]). Due to lawsuits, it was sold back to Kerkorian yet again and the company became Metro-Goldwyn-Mayer in 1992. On April 8, 2005, a consortium led by [[Sony Entertainment|Sony]] bought the company. | ||
During 2009-2010, MGM had financial difficulties and filed for Chapter 11 bankruptcy on November 3, 2010. After escaping from bankruptcy on December 20, 2010, Spyglass executives Gary Barber and Roger Birnbaum became co-CEOs and co-Chairs. Birnbaum left on October 3, 2012, and Barber was fired in March 2018. | During 2009-2010, MGM had financial difficulties and filed for Chapter 11 bankruptcy on November 3, 2010. After escaping from bankruptcy on December 20, 2010, Spyglass executives Gary Barber and Roger Birnbaum became co-CEOs and co-Chairs. Birnbaum left on October 3, 2012, and Barber was fired in March 2018. | ||