Thursday, 12 November 2009

MGM Headed For Yet Another Sale

It has been reported in the trade press this morning that US giant MGM is in for yet another sale. There is even speculation that Las Vegas-based billionaire Kirk Kerkorian may be buying the label for a third time.
The lion plainly no loner roars - but merely cringes in despair!
In 1969, Kerkorian first acquired the already dilapidated studio, before selling to Ted Turner in 1986. Following that, MGM went through several owners and makeovers until, in 1996, Kerkorian acquired the moribund studio a second time, this time buying it off the French conglomerate Credit Lyonnais. Kerkorian subsequently sold it once more - this time to Sony - by keeping a  majority stake of 59%, which plunged to 39% in May this year.
This would now be his chance to regain control over the label. 
MGM has long ceased to be a studio as such, since its former back lot in Culver City was sold to Sony a long time ago. What's at stake - and what remains of what used to be MGM - is a vast film library of over 4,000 titles.
Kirk Kerkorian

Hard to believe, that this once was the name under which classics such as The Wizard of Oz - to name but one - were produced. And surely, if Dorothy knew this, she would turn in her grave, swiftly click her ruby slippers, and, once MGM was miraculously restored to its former splendour, exclaim: "Toto, I don't think we're in Los Angeles in the year 2009 any more ... (where instead of making good films, all they're concerned about is making big bucks ...!)".