MOVIE STUDIO
OCTOBER 2, 2021
The Long Story Of MGM Studio
The long story of MGM studio started when Marcus Loew bought Metro Pictures in 1920 and merged with the Goldwyn company four years later.
The MGM studios or Metro-Goldwyn-Mayer Studios Inc. or Metro is an American media company founded in 1924 based in Beverly Hills, California. MGM produces and distributes films and television programs mostly for entertainment industry.
MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures and Louis B. Mayer Pictures into a single company. It is one of Hollywood’s big five film studios with many popular movies and Oscar winners.
The company also owned film studios, movie lots, movie theaters and technical production facilities. One of their major film productions include the popular Rocky movies and James Bond franchises.
During its glory years from 1926 to 1959 they produced big and colossal movies such as the epic Ben Hur. The film was a massive hit with critically acclaimed and won 11 Academy Awards including Best Picture. The movie was profitable enough to carry the studio through 1960. After that period, it diversified into Loews movie theater chain and television production during the 1960’s.
MGM was the last studio to convert their productions to sound pictures. From the end of the silent era through the late 1950’s, MGM was the major player movie studio in Hollywood. Although their films did well at the box office, MGM lost a lot of money throughout the 1960’s. Canadian investor, Edgar Bronfman Sr. bought the studio, but he owned it only for three years then sold the company due to increasingly unprofitable financial condition.
In 1969, Kirk Kerkorian bought 40% of MGM, reformed the company and diversified its products, creating MGM Resorts International. In 1980, MGM acquired United Artists then in 1986 Kerkorian sold the entire company to Ted Turner, an American business man and the founder of CNN (Cable News Network).
But soon Turner sold back most of the company to Kerkorian who then sold it again 1992 and bought it again in 1996. Later on he expanded the business and bought Orion Pictures and Samuel Goldwyn company.
Kerkorian sold again MGM in 2004 to a consortium that included Sony Pictures and in 2010 MGM filed for Chapter 11 bankruptcy protection. The company emerged from bankruptcy and reorganized itself later that year.
On May 26, 2021, Amazon announced its intention to buy MGM for $8.45 billion and boosts its movie streaming business.
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