Metro-Goldwyn-Mayer
American film and television company / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Metro-Goldwyn-Mayer?
Summarize this article for a 10 year old
Metro-Goldwyn-Mayer Studios, Inc. (also known as Metro-Goldwyn-Mayer Pictures, commonly shortened to MGM),[1] is an American media company specializing in film and television production and distribution. Founded on April 17, 1924, and based in Beverly Hills, California,[2] it is owned by the Amazon MGM Studios subsidiary of Amazon.
 Logo used since 2021 with the 2023 Amazon byline | |
| Metro-Goldwyn-Mayer | |
| Company type | Subsidiary |
| Industry | |
| Predecessors | |
| Founded | April 17, 1924; 100 years ago (1924-04-17) |
| Founders | |
| Headquarters | , United States |
Number of locations | 4 |
Area served | Worldwide |
Key people | Jennifer Salke (Chairwoman and CEO) |
| Products | |
Number of employees | 4,200 (2022) |
| Parent | Amazon MGM Studios |
| Divisions |
|
| Subsidiaries | Rede Telecine (12.5%) |
| Website | mgm |
MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures and Louis B. Mayer Pictures into one company.[3][4] It hired a number of well-known actors as contract players—its slogan was "more stars than there are in heaven"—and soon became Hollywood's most prestigious filmmaking company, producing popular musical films and winning many Academy Awards. MGM also owned film studios, movie lots, movie theaters and technical production facilities. Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. It divested itself of the Loews movie theater chain and, in 1956, expanded into television production.
In 1969, businessman and investor Kirk Kerkorian bought 40% of MGM and dramatically changed the operation and direction of the studio.[5] He hired new management, reduced the studio's output to about five films per year, and diversified its products, creating MGM Resorts International as a Las Vegas–based hotel and casino company (which it later divested in the 1980s). In 1980, the studio acquired United Artists. In 1986, Kerkorian sold MGM to Ted Turner, who retained the rights to the MGM film library, sold the studio lot in Culver City to Lorimar, and sold the remnants of MGM back to Kerkorian a few months later. After Kerkorian sold and reacquired the company again in the 1990s, he expanded MGM by purchasing Orion Pictures and the Samuel Goldwyn Company, including both of their film libraries. Finally, in 2004, Kerkorian sold MGM to a consortium that included Sony Pictures.
In 2010, MGM filed for Chapter 11 bankruptcy protection and reorganization.[6][7] After reorganization, it emerged from bankruptcy later that year under its creditors' ownership. Two former executives at Spyglass Entertainment, Gary Barber and Roger Birnbaum, became co-chairmen and co-CEOs of MGM's new holding company.[8] After Barber's departure in 2018, the studio sought to be acquired by another company to pay its creditors.[9] In May 2021, Amazon acquired MGM for $8.45 billion;[10] the deal closed in March 2022.[11] In October 2023, Amazon Studios absorbed MGM Holdings and rebranded itself as Amazon MGM Studios.[12] As of 2023, its major film franchises include Rocky and James Bond, while its most recent television productions include Fargo and The Handmaid's Tale.