In 2010, MGM filed for Chapter 11 bankruptcy protection and reorganization. Finally, in 2004, Kerkorian sold the company to a consortium that included Sony Pictures. 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. Kerkorian sold the entire company to Ted Turner in 1986, who kept the rights to the MGM library in Turner Entertainment, sold the studio lot in Culver City to Lorimar, and sold the remnants of MGM back to Kerkorian that year. In 1980, the studio acquired United Artists.
He hired new management, reduced the studio's output to about five films per year, and diversified its products, creating MGM Resorts International and a Las Vegas-based hotel and casino company (which it later divested in the 1980s). In 1969, Kirk Kerkorian bought 40% of MGM and dramatically changed the company.
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After that, it divested itself of the Loews movie theater chain, and, in the 1960s, diversified into television production.
Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. MGM also owned film studios, movie lots, movie theaters and technical production facilities. 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 film studio, producing popular musical films and winning many Academy Awards. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures, and Louis B. Metro-Goldwyn-Mayer Studios, Inc., also known as Metro-Goldwyn-Mayer Pictures and abbreviated as MGM, is an American film, television production, distribution and media company owned by Amazon through MGM Holdings, founded on Apand based in Beverly Hills, California.
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