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MGM Resorts International Message Board

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  • mgmrocks mgmrocks Sep 14, 1999 8:26 AM Flag

    Hey Vegas what do you think

    Metro-Goldwyn-Mayer Obtains Broadcast Rights to
    Over 800 of Its Film
    Library Titles From Turner
    Broadcasting Systems, Inc.

    -- Once Exclusive Agreement
    Opens Windows for MGM Networks' Cable & Satellite
    Ventures --

    SANTA MONICA, Calif.--(ENTERTAINMENT
    WIRE)--Sept. 14, 1999-- In a significant move to accelerate
    the creation of MGM-branded cable and
    satellite
    channels, Metro-Goldwyn-Mayer Inc. (NYSE:MGM - news) has
    obtained broadcast rights to more than 800 of its films
    previously licensed to Turner Broadcasting
    System, Inc.
    The transaction was announced today by Alex
    Yemenidjian, MGM Chairman and Chief Executive Officer.


    Under terms of the new agreement, MGM successfully
    renegotiated the reversion of its television rights to 200
    library titles, while also obtaining from
    Turner
    Broadcasting the right to broadcast the remaining 600 MGM Inc.
    films on a non-exclusive basis with Turner on any MGM
    owned-and-operated networks beginning
    as early as September 2000.
    Titles included in the group of 800 are some of MGM's
    most notable films such as ``West Side Story,''
    ``Annie Hall,'' ``Moonstruck,''
    ``The Magnificent
    Seven'' and selected titles from its ``Rocky'' and ``Pink
    Panther'' series. In exchange, Turner Broadcasting gains an
    extension of its rights in the
    titles for all of its
    networks for a period of up to two years past the
    agreement's original expiration. In addition, Turner
    Broadcasting acquires rights for its Turner
    Classic Movies
    cable network for all 600-plus features with increased
    available runs and term.

    In making the
    announcement, Yemenidjian said, ``This transaction underscores
    the new MGM's determination to reclaim control of its
    enormous collection of film
    assets and the momentum
    underway in shaping our cable and satellite network
    alternatives.''

    Metro-Goldwyn-Mayer Inc. is actively
    engaged in the worldwide production and distribution of
    entertainment product, including motion pictures,
    television
    programming, home video, interactive media, music, licensed
    merchandise, a library of more than 4,100 films, and a
    significant television library.

 
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