James2001 post_id=73851 time= user_id=956 Wrote:Amazing to think at one time Amazon was one of the major film studios, but since the late 60s it's been palmed off on various owners (including one occasion where Ted Turner bought it, but then had to virtually immediately sell it on, though he kept the film library which was probably more valuable than the studio itself at that point) and even nearly gone bust on some occasions. They don't even own the archive of their pre-1986 films (i.e. pretty much all the classic ones), Warner Brothers do!
Yep. It was during the so-called Golden Age one of the major Hollywood studios, formed thanks to theatre mogul Marcus Loew's acquisition of the smaller Metro, Goldwyn and Louis B. Mayer studios in 1924, the merged company inherited Goldwyn's lion symbol it uses nowadays (a fond memory of the Hollywood star system and one of the most recognised film logos worldwide, even if the scare it had in the childhoods of many of us). It was one of the studios which pioneered many industry standards: Technicolor, the star system, multiple film releases per year... The studio had a successful track record in serious drama, historical films, glamorous musicals, and animation (launching the careers of Hanna-Barbera and Tom & Jerry), however, the drift to TV and the offsetting of losses from the big epic films (like Ben-Hur) caused fortunes to get messy: a successful drive to real estate and casinos led to a deal with Kirk Kerkorian, which relaunched the studio's fortunes by selling unneeded divisions and spinning off the real estate division from the film outpost; since then, the studio is considered a "mini-major" (that is, a smaller studio in size, prestige and finances, but with the ability of producing and distributing various films a year).
Since then, the studio has had its hits-and-misses: in 1981, Kerkorian bought United Artists from Transamerica, resulting on the MGM/UA Communications Group, and leading to distribution deals with smaller studios like Cannon Films; but finances went bleak, leading to the hostile takeover from Ted Turner. It was sold to them in March 1986, but had to resold it back to Kerkorian in August, citing enormous debts; in exchange, Turner retained the pre-1986 films and assets (including the Tom & Jerry shorts, and many legendary films like Gone with the Wind and The Wizard of Oz) and put them into a holding company of his TBS empire, Turner Entertainment (since absorbed into Warner Bros after the former Time Warner bought TBS in 1996).
Then, in 1990, Kerkorian sold MGM/UA to a consortium of Italian impresario Giancarlo Paretti and French bank Crédit Lyonnais, in the process merging with the Pathé studio. The merger did not last long: a debted Paretti sold its stake to CL two years later, in turn, they sold back the company to Kerkorian in 1995. To rebuild the company, Kerkorian bought assets from Metromedia and PolyGram, and bought a 20% stake in what is now AMC Networks. But the rebuilding process, again, failed: the company struggled with debts and Kerkorian put the Lion again to sale; his death in 2004 accelerated the process. It was sold to a consortium led by Sony Pictures, TPG Capital and Comcast in 2005, after a transition year in which Columbia/TriStar distributed their films, MGM returned as distributor by signing with many indies, and began focusing more on television ventures (including launching its original channels in partnership with DirecTV, Weigel, Sinclair, Paramount and Lionsgate, among others).
In 2009, the company nearly went bust, thanks to the global financial crisis; late 2010 the studio had to declare bankruptcy, but it was quickly rescued. The company has since focused in its core properties, like Bond, the TV studio (now under the leadership of Mark Burnett) and a focus on distributing author-based mainstream films, through its United Artists Releasing subsidiary (as well as a global distribution deal with Comcast). Recently, with Michael De Luca at the helm, the studio made its Lion computerised (it will be retained by Amazon, as it was only launched last year) and has since flourished in prestige and finances, with
Licorice Pizza and
House of Gucci earning many accolades from critics and audiences and earning nominations in the award season.
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Turning back to the Amazon takeover, tomorrow there will be information about the company's future. So far known is that MGM will be a subsidiary of Amazon Studios, the company which leads Prime Video, and all MGM employees will now onward work for Amazon, although current production and distribution timelines are unaffected. Additionally, MGM will retain the United Artists Releasing division, and will not move MGM properties exclusively to Prime Video, although the streamer will be distributing content in a case-to-case basis.
https://deadline.com/2022/03/amazon-mgm-...234981242/