1995: MGM in play.

'CREDIT Lyonnais, the French bank that took over ownership of Metro-Goldwyn-Mayer Inc. in 1992, has hired investment bank Lazard Freres & Co. LLC to advise it on strategies for the pending sale of the studio," the Business Journal reported in December 1995.

It was the beginning of yet another chapter in an ongoing drama over ownership of the studio.

Fresh off two box office hits in a row--"Get Shorty" and Pierce Brosnan's first James Bond film, "Golden-Eye"--the studio had to be unloaded for legal reasons. "Credit Lyonnais has until May 1997 to divest itself of the studio under U.S. law prohibiting banks from owning non-banking assets," the Business Journal reported. "The Paris-based bank took over MGM in 1992 after ousting then-owner Giancarlo Parretti." Parretti had defaulted on the loans he had used to buy the studio.

In 1996, Credit Lyonnais sold the studio back to Kirk Kerkorian, as part of a group composed of his Tracinda Co. and the Australian Seven Network.

Kerkorian had owned the studio from 1969 through 1986, when he sold it to Ted Turner. Turner parceled it off, selling United Artists and the MGM trademark back to Kerkorian 74 days after the purchase.

It was by no means the last swap of the storied studio. Talk of yet another MGM takeover began in late 2003, as the studio's catalog became attractive to media companies starving for content. First came negotiations with Time Warner, then came a bid from Sony, then came a counter from Time Warner. But on Sept. 13, Sony and its equity partners raised their bid to $5 billion and Time Warner bowed out.

"Out of the Past" is published each week to celebrate the 25th anniversary of the Los Angeles Business Journal.