a media industry resource

MGM: landmarks


1904 Loews Theatres founded

1905 Adolph Zukor and Marcus Loew form Loews Consolidated theatre chain

1924 Marcus Loew buys Metro Pictures

1924 creates Metro-Goldwyn-Mayer by acquisition of controlling stake in Goldwyn Pictures and Louis B. Mayer Pictures

1924 Louis B Mayer becomes studio chief in California

1924 appoints Irving Thalberg as vice-president

1929 takeover by William Fox collapses

1936 Thalberg dies

1940 US major studios sign federal consent decree, agreeing to distribute films in blocks of under six and to screen films in advance for buyers

1944 US federal government reopens anti-trust litigation against major studios

1947 US Dept of Justice appeals after Supreme Court does not order major studios to divest exhibition arms

1948 US Supreme Court's 'Paramount Decree' refers divestiture decision to district court

1949 Loews, 20th Century Fox and Warner Brothers ordered to divest their cinema operations

1954 Loews cinema chain separates from MGM as part of consent decree

1959 Tisch brothers gain control of Loews cinema chain

1961 Kerkorian buys 34 acre Flamingo Road and Sunset Strip site in Las Vegas

1962 sells site to Caesars Palace for US$5m

1962 sells TransInternational Airlines to Studebaker

1962 buys back TransInternational Airlines, then sells to Transamerica for US$104m

1967 buys Flamingo in Las Vegas for US$13m

1968 buys then sells Bonanza Hotel and casino

1969 builds International casino

1969 defeats Bronfman's Seagram in takeover of MGM

1970 sells International and Flamingo to Hilton

1970 buys Bonanza, redeveloped as MGM Grand

1971 MGM Australian cinema chain sold to Rydge's Greater Union (GU) group for $4.8m

1973 Kerkorian opens MGM Grand hotel in Las Vegas for US$107m

1978 builds MGM Grand in Reno

1980 opens MGM Grand in Atlantic City

1981 Kerkorian buys United Artists (UA) from Transamerica for US$380m, merges UA with MGM

1981 makes profit in battle over Columbia Pictures

1985 sells MGM Grand Las Vegas to Bally for US$550m

1986 sells MGM film library to Ted Turner

1987 buys Desert Inn, which becomes MGM Desert Inn

1988 buys Sands, which becomes MGM Sands

1988 creates MGM Grand Air luxury charter airline

1989 sells MGM Sands

1989 buys Marina in Las Vegas, which becomes MGM Grand

1989 Australian group Qintex fails to consumate US$1.5bn purchase of studio

1990 Kerkorian sells studio to Giancarlo Parretti for US$1.4bn

1993 opens new MGM Grand hotel in Las Vegas

1993 sells MGM Desert Inn to ITT Sheraton

1995 unsuccessful US$20bn bid for Chrysler, later merged with Daimler Benz

1996 buys back studio for US$1.3bn from Paretti's banker Credit Lyonnais in partnership with Australia's Seven broadcasting network

1996 buys Polygram library for US$253m

1997 buys Metromedia-controlled Orion Pictures, Goldwyn Entertainment and Motion Picture Corp. of America for US$573m

1997 opens New York New York hotel and casino in Las Vegas

1998 Seven network sells MGM stake to Kerkorian for US$389m

1999 Kerkorian buys back video and DVD rights for Turner library for US$225m

2000 buys Mirage Resorts for US$4.4bn

2001 buys 20% of Rainbow Media for US$820m

2001 sells 5.7% of MGM Mirage for US$210m

2003 unsuccessfully bids for Vivendi Universal's US assets

2004 MGM Mirage buys Mandalay Resort Group for US$7.9bn

2004 Sony consortium (inc Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners) confirms in principle agreement to acquire Metro-Goldwyn-Mayer Inc. (MGM) for US$5bn