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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.
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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.
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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
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."
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
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
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
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.
BUSINESS
February 3, 2006 | Claudia Eller, Times Staff Writer
Hollywood's lion isn't roaring yet, but it may be purring soon. Entertainment business veteran Harry Sloan, who took over Metro-Goldwyn-Mayer Inc. last fall, is working on plans to rebuild the scaled-back company by returning it to its roots as a domestic theatrical distributor. Sloan is in serious negotiations with several top production entities -- and is about to close a deal with Miramax co-founder Harvey Weinstein's new company -- to supply MGM with an annual slate of movies.
BUSINESS
January 31, 2006 | Claudia Eller
Former DreamWorks SKG President Rick Sands landed a new job as chief operating officer of Metro-Goldwyn-Mayer Inc. Sands will work to market MGM's extensive library of some 4,000 films and 10,400 television episodes on video and television, and will supervise finance, operations and business affairs. He also will help identify programming opportunities for MGM and partners Sony Corp. and Comcast Corp.
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
August 29, 2003 | From Reuters
Film and TV studio Metro-Goldwyn-Mayer Inc. said its MGM Networks TV group and PCCW Ltd. had agreed to launch an MGM Channel on Hong Kong's Now Broadband TV pay-television system. The launch of the channel, which will show films from MGM's 4,000-title library, highlights MGM's strategy over the last two years to form TV ventures in overseas markets. PCCW is the Hong Kong-based flagship operation for Asian communications company Pacific Century Group. Financial details were not disclosed.
BUSINESS
January 20, 2006 | Claudia Eller and James Bates, Times Staff Writers
The owners of Metro-Goldwyn-Mayer Inc. are entertaining offers from several suitors to sell the historic United Artists movie label, an executive familiar with the details said Thursday. However, another executive with knowledge of the talks said an outright purchase was only one of many options, which primarily involve forming strategic alliances. No deal is imminent, but at least one bid for the studio topped $500 million. Acquiring UA would enable a buyer to form a new, independent studio.
BUSINESS
October 25, 2005 | Claudia Eller, Times Staff Writer
Veteran media businessman Harry E. Sloan on Monday was named chairman and chief executive of Metro-Goldwyn-Mayer Inc. Sloan, 55, also is investing in the Los Angeles company, now owned by a consortium of four private equity firms and two media companies, Sony Corp. and Comcast Corp. Through a cash investment and stock options he may potentially earn, Sloan could own about 5% of MGM, said a source familiar with the matter.
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