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 Louis B. Mayer Productions to Loew for $75,000 (around $1.17 million adjusted for inflation). On April 17, 1924, the three studios were merged to become '''Metro-Goldwyn-Mayer, Inc.''' ('''MGM'''). With Mayer serving as head of the studio, MGM became one of the major players in the Golden Age of Hollywood, and was one of the "Big Five" film studios, alongside [[Paramount Pictures]], [[RKO Radio Pictures]], [[20th Century Studios|20th Century Fox]] and [[Warner Bros. Pictures|Warner Bros.]] 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.]]'', which forced studios and theaters to separate. By the time the split was completed in 1959, MGM was in decline due to a combination of the 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 Louis B. Mayer Productions to Loew for $75,000 (around $1.17 million adjusted for inflation). On April 17, 1924, the three studios were merged to become '''Metro-Goldwyn-Mayer, Inc.''' ('''MGM'''). With Mayer serving as head of the studio, MGM became one of the major players in the Golden Age of Hollywood, and was one of the "Big Five" film studios, alongside [[Paramount Pictures]], [[RKO Radio Pictures]], [[20th Century Studios|20th Century Fox]] and [[Warner Bros. Pictures|Warner Bros.]] 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.]]'', which forced studios and theaters to separate. By the time the split was completed in 1959, MGM was in decline due to a combination of the 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. However, in 1973, MGM closed its distribution offices and signed a distribution agreement with [[United Artists]] for distribution in the United States; the company also made a similar agreement with [[Cinema International Corporation|CIC]] for international distribution. In 1981, MGM purchased the failing United Artists before renaming itself MGM/UA Entertainment Co. a year later, with UA's distribution branch being renamed MGM/United Artists Distribution and Marketing (later MGM/UA Distribution Co.). MGM was also a founding partner in CIC's successor [[United International Pictures]]. On March 25, 1986, MGM/UA was purchased by Ted Turner (who temporarily renamed the company MGM Entertainment Co.), but after a large amount of debt, Turner sold it back on August 26, keeping the pre-1986 MGM library. MGM was then renamed MGM/UA Communications Co. 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|the French studio]], | In 1969, Kirk Kerkorian purchased the company. However, in 1973, MGM closed its distribution offices and signed a distribution agreement with [[United Artists]] for distribution in the United States; the company also made a similar agreement with [[Cinema International Corporation|CIC]] for international distribution. In 1981, MGM purchased the failing United Artists before renaming itself MGM/UA Entertainment Co. a year later, with UA's distribution branch being renamed MGM/United Artists Distribution and Marketing (later MGM/UA Distribution Co.). MGM was also a founding partner in CIC's successor [[United International Pictures]]. On March 25, 1986, MGM/UA was purchased by Ted Turner (who temporarily renamed the company MGM Entertainment Co.), but after a large amount of debt, Turner sold it back on August 26, keeping the pre-1986 MGM library. MGM was then renamed MGM/UA Communications Co. 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|the French studio]], which Parretti attempted to buy but failed due to French governmental concerns over his business background). Due to lawsuits, it was sold back to Kerkorian yet again and the company became Metro-Goldwyn-Mayer in 1992. In 2000, MGM broke off its international distribution agreement with UIP and instead signed with [[20th Century Studios|20th Century Fox]] to take over international distribution rights for MGM's films. On April 8, 2005, a consortium led by [[Sony Group Corporation|Sony]]'s American branch bought the company. | ||
In 2009 and 2010, MGM suffered financial problems and filed for Chapter 11 bankruptcy on November 3, 2010. After escaping from bankruptcy on December 20, Spyglass executives Gary Barber and Roger Birnbaum became co-CEOs and co-chairs of the company. Birnbaum left on October 3, 2012, and Barber was fired in March 2018. For much of the 2010s, much of MGM's output was produced with and/or distributed by [[Columbia Pictures|Columbia]], [[Paramount Pictures|Paramount]], [[Universal Pictures|Universal]], or [[Warner Bros. Pictures]] in all territories outside of the Nordics, Israel, Central Europe, and the Middle East. In 2017, MGM signed an agreement with [[Annapurna Pictures]] to distribute titles from both parties in the US, with third-party titles being released under the Mirror banner. MGM also signed an agreement with Universal that same year to handle the international distribution of MGM titles. In 2019, the partnership became known as [[United Artists Releasing]] and [[Orion Pictures]]' distribution staff was added to the venture. | In 2009 and 2010, MGM suffered financial problems and filed for Chapter 11 bankruptcy on November 3, 2010. After escaping from bankruptcy on December 20, Spyglass executives Gary Barber and Roger Birnbaum became co-CEOs and co-chairs of the company. Birnbaum left on October 3, 2012, and Barber was fired in March 2018. For much of the 2010s, much of MGM's output was produced with and/or distributed by [[Columbia Pictures|Columbia]], [[Paramount Pictures|Paramount]], [[Universal Pictures|Universal]], or [[Warner Bros. Pictures]] in all territories outside of the Nordics, Israel, Central Europe, and the Middle East. In 2017, MGM signed an agreement with [[Annapurna Pictures]] to distribute titles from both parties in the US, with third-party titles being released under the Mirror banner. MGM also signed an agreement with Universal that same year to handle the international distribution of MGM titles. In 2019, the partnership became known as [[United Artists Releasing]] and [[Orion Pictures]]' distribution staff was added to the venture. | ||