Stargate SG-1 and Stargate Atlantis continue production under MGM
LOS ANGELES (Reuters) – Metro-Goldwyn-Mayer Inc. on Friday said Sony Corp and a group of partners have completed their $3 billion cash acquisition of the venerable film studio that was a centerpiece of Hollywood’s golden age of movie musicals.
Sony Pictures, the movie and television wing of Sony Corp., will assume distribution of MGM’s library of some 4,000 movies and 10,000 TV shows, which was a key factor in making the deal. The investor group will repackage old movie titles like MGM’s James Bond movies to cash in on new digital technologies.
The MGM library adds to Sony’s catalog of some 3,500 movies and 35,000 TV shows.
MGM remains actively operating and based in Los Angeles. It will continue to produce television programs and co-produce movies with Sony Pictures.
Its operations will be run by President Dan Taylor, who was formerly the chief financial officer of MGM. He will report to a board which includes executives at Sony and its investment group, Providence Equity Partners, Texas Pacific Group, DLJ Merchant Banking Partners and Comcast Corp.
Joining Taylor in running the company under its new owners will be Charles Cohen, executive vice president, who has been with MGM since 1997.
The company’s television distribution group will be run by Jim Packer. It’s home entertainment division will be run by Blake Thomas, and its MGM Networks unit will be headed by Bruce Tuchman, and consumer products will be overseen by Travis Rutherford.
Read Reuter’s Full Press Announcement at Yahoo! News
Discuss this news on the SG1Solutions Forum