July 31, 2012 |
Carl Icahn, who only a year ago hoped to combine two studios and create an entertainment empire, has retreated from Hollywood by selling his stake in Metro-Goldwyn-Mayer. The billionaire investor has quietly sold his approximately 25% stake in MGM, the 88-year-old studio behind the James Bond series and the upcoming "Hobbit" trilogy, back to the company in a deal worth $590 million. The move comes less than a year after Icahn sold his 33% stake in film and television studio Lions Gate Entertainment, which he originally wanted to merge with MGM. MGM agreed to pay Icahn $33.50 for each of his 17.6 million shares, according to a confidential letter sent to other stockholders and obtained by the Los Angeles Times.
August 1, 2012 |
Metro-Goldwyn-Mayer has sold most of its international television channels to help generate cash to buy investor Carl Icahn's 25% stake in the studio and to focus on being a pure content company ahead of its planned initial public offering. Beverly Hills-based MGM announced Wednesday that it had sold branded networks in Spain, Turkey, Israel, Benelux (Belgium, the Netherlands and Luxembourg), Poland, India and Southeast Asia, along with a pan-European and Asian channel, to Chellomedia, an international media company that has long worked with MGM on its overseas networks.
CALIFORNIA | LOCAL
June 7, 2013 |
The water, Esther Williams once quipped, was her favorite costar. With her beauty, sunny personality and background as a champion swimmer, Williams shot to stardom in the 1940s in the "aqua musical," an odd sub-genre of films that became an enormous hit with the moviegoing mainstream, fanned popular interest in synchronized swimming and turned Williams into Hollywood's Million Dollar Mermaid. The MGM bathing beauty, whose underwater extravaganzas made her one of the most popular actresses of the era, an idol in competitive swimming and a fashion force, died in her sleep early Thursday in Beverly Hills, said her publicist, Harlan Boll.
December 3, 2010 |
After 18 months of turmoil and uncertainty, MGM has gotten a green light to start anew. A New York federal bankruptcy judge on Thursday confirmed the "prepackaged" plan by creditors to wipe out about $5 billion in debt, clearing the way for the 86-year-old entertainment company to focus its efforts on producing and releasing movies and television shows. With Thursday's ruling that the plan meets the requirements of the U.S. Bankruptcy Code, no legal obstacles remain for MGM to relaunch under Spyglass Entertainment founders Gary Barber and Roger Birnbaum.
November 15, 2013 |
Ending a copyright dispute that has lasted more than 50 years, Metro-Goldwyn-Mayer Inc. and Danjaq LLC. have acquired all the rights and interests related to the debonair super-spy James Bond. MGM, the longtime distributor of the Bond movies, and Danjaq, the franchise's producer, reached a settlement with the estate of Kevin McClory, who collaborated with 007 author Ian Fleming on the script for the movie "Thunderball. " Terms of the settlement were not disclosed, but the companies said it brought the copyright saga to an "amicable conclusion.
February 20, 2013 |
Las Vegas has been "engaged in a high-stakes restaurant arms race since it welcomed Spago 20 years ago," the New York Times wrote last year of the area's eateries that brought in $8 billion in 2011. Amid all the Godzilla -sized mojitos and celebrity-chef-driven menus on the Strip, healthy fare usually isn't at the top of the list. So I was surpised to find a Healthy Eating mobile app from (drum roll) MGM Resorts International . Of course, "healthy" is a subjective term (more on that later)