Sony group completes MGM buy
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The Sony-led investment consortium has finalized its $4.8 billion acquisition of MGM, giving the Culver City, Calif.-based studio effective control of the Lion's 4,000-title movie library.
MGM chief financial officer Dan Taylor was crowned MGM president with the closing of the deal Friday. Although the acquisition retires MGM as a publicly traded company, revenue from its catalog and other assets still must be treated separately for purposes of the investment consortium.
Some key details of MGM's operational integration into Sony still were being hammered out, most notably the precise role and title for MGM home entertainment president David Bishop. There has also been no official word on how a continuing role for Bishop will mesh with that of Ben Feingold, head of Sony's own DVD division.
MGM marketing exec Blake Thomas now will serve as exec VP home entertainment distribution, officials said. But no other details emerged regarding expected widespread layoffs throughout the studio.
Elsewhere among a handful of execs getting continued MGM posts was Sony Pictures Television president Steve Mosko, who added video-on-demand and pay cable to his responsibilities.
The MGM film and TV catalog beefs up Sony's existing library, which previously boasted some 3,500 films and 35,000 TV episodes.
MGM is planning to co-finance and co-produce with Sony a handful of new films already in development. The Lion also will continue TV production on Stargate SG-1 and Stargate Atlantis.
MGM 2005 theatricals include The Amityville Horror and The Pink Panther.
"With our strong financial and strategic partners, we look forward to building on MGM's exceptional legacy and capitalizing on opportunities to enjoy the world's largest library of films and TV programming," Taylor said.
Partners in Sony's investment consortium include Providence Equity Partners, Texas Pacific Group, Comcast and DLJ Merchant Banking Partners.
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Talk to ya soon,
Donnie Hoover
www.cheap-dvds-advisor.com
Your One Stop Source For Cheap DVDS !!
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The Sony-led investment consortium has finalized its $4.8 billion acquisition of MGM, giving the Culver City, Calif.-based studio effective control of the Lion's 4,000-title movie library.
MGM chief financial officer Dan Taylor was crowned MGM president with the closing of the deal Friday. Although the acquisition retires MGM as a publicly traded company, revenue from its catalog and other assets still must be treated separately for purposes of the investment consortium.
Some key details of MGM's operational integration into Sony still were being hammered out, most notably the precise role and title for MGM home entertainment president David Bishop. There has also been no official word on how a continuing role for Bishop will mesh with that of Ben Feingold, head of Sony's own DVD division.
MGM marketing exec Blake Thomas now will serve as exec VP home entertainment distribution, officials said. But no other details emerged regarding expected widespread layoffs throughout the studio.
Elsewhere among a handful of execs getting continued MGM posts was Sony Pictures Television president Steve Mosko, who added video-on-demand and pay cable to his responsibilities.
The MGM film and TV catalog beefs up Sony's existing library, which previously boasted some 3,500 films and 35,000 TV episodes.
MGM is planning to co-finance and co-produce with Sony a handful of new films already in development. The Lion also will continue TV production on Stargate SG-1 and Stargate Atlantis.
MGM 2005 theatricals include The Amityville Horror and The Pink Panther.
"With our strong financial and strategic partners, we look forward to building on MGM's exceptional legacy and capitalizing on opportunities to enjoy the world's largest library of films and TV programming," Taylor said.
Partners in Sony's investment consortium include Providence Equity Partners, Texas Pacific Group, Comcast and DLJ Merchant Banking Partners.
To read the rest of the article Click Here
Talk to ya soon,
Donnie Hoover
www.cheap-dvds-advisor.com
Your One Stop Source For Cheap DVDS !!
DVD Reviews
posted by Cheap DVDs Guy at 8:52 PM
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