MGM PUT UP FOR SALE.Byline: Russ Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. Daily News Staff Writer Credit Lyonnais put Metro-Goldwyn-Mayer Inc. up for sale Tuesday, setting aside aspirations that it could hang on to the historic movie studio. The French banking concern is likely to seek $2.5 billion or more for the Santa Monica-based company - the amount it has invested in MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. . A number of companies are rumored to be interested in buying MGM, including Dutch entertainment giant Polygram NV, Chargeurs SA of France and Bertelsmann AG Bertelsmann AG German media company. Beginning as a religious printer and publisher in 1835, the company grew steadily over the next century. Though virtually destroyed by Allied bombing in 1945, it recovered quickly after World War II. in Germany. Other suitors named in previous reports include Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co., film producer New Regency and General Electric Co., but one source involved in the sale said the list is much more extensive. "It's a big number," the source said. "More than you have fingers or toes." Credit Lyonnais inherited MGM in May 1992 when its former owner, Giancarlo Parretti, defaulted on a $1.3 billion loan the bank granted him. U.S. rules prohibit financial institutions to own nonbanking entities, but the Federal Reserve Bank allowed Credit Lyonnais five years to revive MGM before selling it. After being cast as an also-ran among Hollywood studios, MGM is re-emerging as a movie making force, helped by an additional $1.2 billion investment from Credit Lyonnais. Since Chairman Frank Mancuso For other uses, see Frank Mancuso (disambiguation). Frank Octavius Mancuso (May 23, 1918 - August 4, 2007) was a catcher in Major League Baseball who played for two teams between 1944 and 1947. Listed at 6' 0", 195 lb., Mancuso batted and threw right handed. took over in 1993, the company's box-office share went from 1.9 percent to 7.6 percent so far this year. MGM is coming off a particularly successful weekend as "The Birdcage" scored $18.3 million in its first three days. The adult-oriented remake re·make tr.v. re·made , re·mak·ing, re·makes To make again or anew. n. 1. The act of remaking. 2. Something in remade form, especially a new version of an earlier movie or song. of "La Cage La Cage has several uses including:
Credit Lyonnais had said recently that it was interested in retaining MGM based on the company's increasingly healthy outlook. It had put the studio into a holding company, Consortium de Realisation, thinking that move might enable it to retain control. CAPTION(S): PHOTO Photo (Color) No caption (MGM logo) |
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