Historic Hollywood studio, Metro-Goldwyn-Mayer is now owned by Amazon, nearly 100 years after its founding and a particularly turbulent history.
For the record, the lion was called Leo. Because if nobody can totally ignore the Metro-Goldwyn-Mayer (MGM) studio, it is thanks to its mascot, this roaring lion to announce the beginning of the films. In fact, there have been eight Leos since 1924, when the famous Hollywood major was founded. The most recent, unveiled last March, is also a pure 3D product, a way of adapting to the new mores of society.
And Leo will now roar for Amazon, as Jeff Bezos’ group confirmed on Wednesday. A purchase of 8.45 billion dollars which allows the acquisition of more than 4,000 films and 17,000 television shows. The James Bond franchise is obviously the goose that lays the golden eggs of the studio, which has nevertheless lost its luster in recent decades.
It must be said that MGM changed hands many times, sometimes for very short periods.
A long decline
Founded in 1924, he became Hollywood’s main producer before the war, hired the stars of the time and won several Oscars awards, notably for Les Révoltés du Bounty (1936) or Gone with the Wind (1940 ).
The 1950s promised to be more complicated. The Tree of Life (1957) costs a fortune but does not obtain the desired results. In 1962, a remake of Les Révoltés du Bounty with Marlon Brando turned into financial disaster. On the other hand, Ben-Hur is a resounding success. But the losses ultimately brought about the downfall of the then president.
It was a Canadian-American businessman, Edgar Bronfman, who took the lead in 1966 before selling it only three years later to an American financier. The new owner is called Kirk Kerkorian, a name that will return regularly until 2005 in the tumultuous life of MGM.
Crédit Lyonnais in action
Gradually, MGM lost its status, Kerkorian preferring to back the famous franchise to its hotels in Las Vegas. The takeover of United Artists (UA) by the financier and its association with MGM nevertheless put something back in the machine. In 1986, media mogul Ted Turner bought the MGM / UA duo and their film catalogs. Not for long, Turner immediately resells UA to Kerkorian and then dismisses MGM in the process, unable to finance his offer. Tuner keeps the catalog from before 1986 but the MGM brand returns to Kerkorian.
In 1990, the controversial Italian financier Giancarlo Parretti bought MGM / UA with the help of Crédit Lyonnais. The man, already convicted in Italy, will also be found guilty of embezzlement and fraud in 1999. In 1991, the wind had already turned for him and Crédit Lyonnais canceled his loan. MGM is on the verge of bankruptcy.
The studio is now owned by the French bank in 1992, which it tries to revive somehow, with large loans. In 1994, the studio even obtained a nice success with Stargate but no longer has any of its aura of yesteryear.
Credit Lyonnais therefore quickly sought a buyer in 1996. And found… Kirk Kerkorian. The latter undertakes to expand the catalog without producing new successful films. MGM ended up being bought by Sony in 2004 for 5 billion dollars including 2 billion of debt … It is now Amazon which has the lion’s responsibility. To see what the group intends to do with it.
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