MGM Takes Back Full Control of United Artists

24 Mar

Credit: Metro-Goldwyn-Mayer Studios

 

Metro-Goldwyn-Mayer (MGM) has bought back full control of its film label United Artists.  United Artists, formed in 1919 by Charlie Chaplin and Mary Pickford, became MGM property in 1981.  In 2006, MGM split 30% of stock in United Artists between Tom Cruise and Paula Wagner.  Two films, “Lions for Lambs” and “Valkyrie,” were released from this joint venture. 

“MGM said in its 2011 financial results that it now owns a 100% interest in UA and has bought back “Lambs” and “Valkyrie” as well as two later films financed by UA: “Hot Tube Time Machine” and “Fame.”  The company also said it may resume using the United Artists banner to develop and produce new films. The news came as MGM reported financial results to the owners of its stock, which does not trade on public markets.”

MGM also reported a loss on the recent release “The Girl With the Dragon Tattoo,” the studio’s first film investment after emerged from bankruptcy in 2010.  MGM’s second film investment after bankruptcy, “21 Jump Street,” is expected to be a success after opening last week.

The full article from the Los Angeles Times can be found at this link.

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