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.