Later that year, after reorganization, MGM emerged from bankruptcy under the ownership of its creditors. 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 that he expanded MGM by purchasing Orion Pictures and the Samuel Goldwyn Company, including both of their film libraries. Turner soon sold most of it back to Kerkorian who then sold it again in 1992, only to buy it again a third time in 1996. In 1986, Kerkorian sold the entire company to Ted Turner. In 1969, Kirk Kerkorian bought 40% of MGM, hired new management, reduced its output to about five movies per year, and diversified its products, creating MGM Resorts International and, in 1973, a Las Vegas-based hotel and casino company (which it divested in the 1980s). After that, it divested itself of the Loews movie theater chain, and, in the 1960s, it diversified into television production. Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. The company 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 one of Hollywood's "big five" film studios, producing popular movie musicals and winning many Oscars. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures, and Louis B. It is based in Beverly Hills, California. (also known as Metro-Goldwyn-Mayer Pictures, MGM or Metro) is an American media company, founded in 1924, that produces and distributes feature films and television programs. This month, news broke tat ViacomCBS would sell its 38-story Manhattan office tower known as Black Rock for $760 million.Metro-Goldwyn-Mayer Studios Inc. On Monday, CBS CEO George Cheeks said in an email to staff that the move is part of ViacomCBS’ plan to shrink its real estate portfolio. Prior to the merger, CBS sold its 25-acre Television City studio complex in the Fairfax District to Hackman Capital Partners for $750 million. Shows that have been produced there include “Seinfeld” and “Big Brother” among many others. CBS has owned the property since the mid-1960s.ĭemand remains red-hot for production and soundstage facilities in L.A., as streaming services have supercharged the sector.ĬBS Studio Center has 18 soundstages and 210,000 square feet of office space, along with some support facilities, according to the report. ViacomCBS is exploring a sale of its 38-acre CBS Studio Center property on Radford Avenue, according to the Los Angeles Times. Two years after Viacom and CBS merged, the firm is now looking to offload a sprawling Los Angeles production studio campus in Studio City. CBS CEO George Cheeks with part of the Studio Center (Getty)
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