Advertisement
 
YOU ARE HERE: LAT HomeCollectionsMetro Goldwyn Mayer Inc
IN THE NEWS

Metro Goldwyn Mayer Inc

FEATURED ARTICLES
BUSINESS
October 13, 1993 | From Times Staff and Wire Reports
MGM Restructuring Approved: Directors of the Santa Monica studio and its owner, French bank Credit Lyonnais, approved the plan for a new Metro-Goldwyn-Mayer Inc. Credit Lyonnais is raising MGM's credit line from $190 million to $400 million and will swallow the studio's $820-million debt to the bank and $140 million borrowed to buy MGM bonds.
ARTICLES BY DATE
BUSINESS
May 15, 2009 | Claudia Eller
Debt-burdened Metro-Goldwyn-Mayer Inc. is scrambling to refinance a $3.7-billion loan that could help put it back on a footing with the major Hollywood studios. The once major studio disclosed that it had hired investment banking firm Moelis & Co. to advise the company on efforts to restructure its heavy debt, which largely stems from a 2004 acquisition of the studio by an investor group. MGM is paying almost $300 million a year in interest and faces a payment of nearly $1 billion in June 2011.
Advertisement
BUSINESS
April 30, 2004 | From Bloomberg News
Los Angeles-based Metro-Goldwyn-Mayer Inc., the film studio controlled by billionaire Kirk Kerkorian, said its first-quarter loss narrowed to $21.3 million as it sold more DVDs and tickets to movies such as "Barbershop 2: Back in Business." The net loss shrank to 9 cents a share from $55.8 million, or 22 cents, a year earlier. Revenue climbed 17% to $464 million, MGM said. Shares of MGM slipped 17 cents to $20.89 on the NYSE.
BUSINESS
August 13, 2008 | Swati Pandey, Times Staff Writer
The Terminator said he would be back. Now, Comcast Corp. cable TV subscribers can summon him from their sofas. The Philadelphia-based cable giant joined movie company Metro-Goldwyn-Mayer Inc. on Tuesday to announce the launch of a video-on-demand channel, Impact, solely for action titles like the Arnold Schwarzenegger picture, as well as action-oriented TV shows. Comcast and MGM said they began offering the channel this week. Drawing from MGM's library of 1,000 action movies, including classics such as "The Magnificent Seven" and films from the James Bond franchise, the advertiser-supported channel hopes to attract viewers who don't want to wait for a Netflix rental to arrive in the mail or a programmed cable channel to air their favorites.
CALIFORNIA | LOCAL
January 4, 1996
Metro-Goldwyn-Mayer Inc. in Santa Monica has joined other entertainment companies in offering benefits to the live-in partners of gay employees, company officials announced this week. Same-sex domestic partners of employees will be eligible for health care benefits beginning Feb. 1, said MGM spokeswoman Anne Corley. The move comes after some of the 800 workers at MGM and its subsidiaries endorsed the expanded coverage in meetings to review insurance policies last year, she said.
BUSINESS
January 27, 2006 | From a Times Staff Writer
Metro-Goldwyn-Mayer Inc., the movie studio acquired last year by a group that included Sony Corp. and Texas Pacific Group, said President Daniel Taylor would step down Tuesday after about nine months on the job. Taylor had two stints totaling 15 years with the company and was named president upon its acquisition in April. In October, the company named board member Harry Sloan as chairman and chief executive and said he would invest an undisclosed sum in MGM.
BUSINESS
May 5, 1998 | MARLA MATZER
Metro-Goldwyn-Mayer Inc. unveiled a consumer products co-venture with Neiman Marcus Direct on Monday, with a branded catalog designed to cash in on the studio's still-glamorous image with global consumers. The retailer will launch an "MGM Star" catalog in August, featuring upscale clothing and home furnishings aimed primarily at baby boomers.
BUSINESS
October 27, 2004 | From Bloomberg News
Metro-Goldwyn-Mayer Inc., the studio being sold by billionaire Kirk Kerkorian to an investor group led by Sony Corp., said its third-quarter loss narrowed to $26.7 million partly because of higher home-video sales. The net loss of 11 cents a share, compared with $32.6 million, or 13 cents, a year earlier, met analysts' expectations, according to Thomson First Call. Revenue at the Los Angeles-based company fell 12% to $401.3 million from $457 million. MGM shares rose 3 cents to $11.
BUSINESS
September 25, 2003 | From Reuters
Metro-Goldwyn-Mayer Inc. said it might use its mounting cash pile in a tender offer to buy back its shares after failing in a bid to acquire Vivendi Universal's U.S. media assets. The studio said other options for cash it generates, as well as the $500 million it raised to help acquire the Vivendi assets, might include extending a current stock buyback program. MGM added, however, it probably would avoid a one-time cash dividend to shareholders. The announcement was made after the market closed.
BUSINESS
September 19, 2007 | Claudia Eller, Times Staff Writer
Banking on the future of high-definition television, Metro-Goldwyn-Mayer Inc. is launching a movie channel next month on the DirecTV satellite service that will be the studio's first channel in the United States. MGM HD will offer movies from its own 4,100-title library, initially screening such films as "West Side Story," "Robocop" and "Leaving Las Vegas."
BUSINESS
August 28, 2007 | Lorenza Munoz, Times Staff Writer
For nearly a decade, actress Salma Hayek and her production partner, José Tamez, have been trying to launch a mini-studio that caters to the Latino audience. They're finally getting some traction, thanks in part to the success of "Ugly Betty," the popular television show they produce for ABC that is based on a Colombian soap opera, "Yo Soy Betty, la Fea," and "Frida," the 2002 biography of artist Frida Kahlo in which Hayek also starred.
BUSINESS
July 2, 2007 | Lorenza Munoz, Times Staff Writer
Director Nicolas Lopez gave Hollywood the cold shoulder two years ago, when he was asked to produce a remake of "Revenge of the Nerds." The 24-year-old Chilean had his own creative visions, and he persuaded the Spanish producers behind this year's hit, "Pan's Labyrinth," to fork over $7 million for his superhero comedy, "Santos." With that movie under his belt, Lopez is giving Hollywood another try.
BUSINESS
April 12, 2007 | From Bloomberg News
Apple Inc. has started selling movies from Metro-Goldwyn-Mayer Studios Inc.'s film library on its iTunes website, advancing an effort to obtain material that can be downloaded and played on Apple's iPod and a new set-top box. MGM is selling rights to about 100 movies to Apple, said Derek Mains, a spokesman for Cupertino, Calif.-based Apple. Films from MGM boost the iTunes catalog to more than 500 films. MGM won't be offering new releases, Mains said. The titles will sell for $9.99 each.
BUSINESS
April 10, 2007 | Lorenza Munoz, Times Staff Writer
Seeking to tap into the growing Latino market in the United States, Metro-Goldwyn-Mayer Inc. has partnered with actress Salma Hayek to make two to four Latin-themed movies a year. Hayek's production company, Ventanazul, will be housed at MGM and will be charged with making broad appeal films that star Latino talent or have Latin sensibilities. The studio will finance the movies, which will have budgets ranging from $5 million to $25 million.
BUSINESS
October 20, 2006 | Claudia Eller, Times Staff Writer
When Metro-Goldwyn-Mayer Inc. went on the block in 2004, Sony Corp.'s Howard Stringer so lusted after the studio's coveted library that he told his boss he would resign if he didn't win a last-minute bidding war with Time Warner Inc. Stringer, who at the time headed Sony's U.S. arm, figured the library's 4,000 film titles would give Sony more clout with DVD retailers and fuel the growth of its high-definition Blu-ray technology.
BUSINESS
April 7, 2004 | James Bates
Metro-Goldwyn-Mayer Inc. said its management would recommend that directors set $8 a share as the size of a special dividend the Los Angeles studio is considering paying shareholders. MGM previously said it may issue the dividend, which would total nearly $1.9 billion, because it was generating ample cash and had become debt free. About $1.4 billion of the payout would go to controlling shareholder Kirk Kerkorian.
BUSINESS
October 7, 2006 | From Bloomberg News
Metro-Goldwyn-Mayer Studios Inc. agreed to handle U.S. sales of New Line Cinema's films and television shows to broadcast and cable networks. The two-year deal also covers sales of programming for pay-per-view and video-on-demand distribution, Century City-based MGM and New York-based New Line said in a joint statement. New Line is a unit of Time Warner Inc. The agreement expands MGM's television distribution business.
BUSINESS
May 31, 2006 | Claudia Eller, Times Staff Writer
The tensions between Metro-Goldwyn-Mayer Inc. and its studio investor resulted in a board vote Tuesday that will end the fabled company's reliance on Sony Pictures Entertainment as a distributor of its DVDs and television shows. News Corp.'s 20th Century Fox Film Corp. will now release MGM's DVDs worldwide. Previously, Fox had split the distribution of MGM's home entertainment properties with Sony, which had handled the domestic sales.
Los Angeles Times Articles
|