This news just out today:
Sony, Partners OK MGM Acquisition
Does anyone know what "shutter" means in this context? It sounds like they're just talking about film (motion picture) productions, but the press release from MGM identifies MGM Television Entertainment - who owns Stargate, Stargate SG-1, Stargate Atlantis, characters and images - as being part of MGM, Inc., which is the company being acquired.
Big corporations easily confuse me, so I just thought I'd ask...
Sony, Partners OK MGM Acquisition
If the deal happens, it would mark the third time billionaire Kirk Kerkorian has sold the film studio, once best known for its musical hits like "Singing in the Rain" and "Meet Me in St. Louis." Kerkorian, through his Tracinda Group, owns 74 percent of MGM's outstanding shares. A sale to Sony would net him about $2.1 billion.
Since Kerkorian most recently acquired the studio in 1996, MGM has had few major hits. Sony is expected to shutter MGM's current production with the possible exception of the "James Bond" franchise. MGM also produces films under the United Artists label.
But MGM has a considerable library of more than 4,100 titles. Analysts have estimated MGM's library will generate $440 million in cash flow in 2004 by exploiting only 1,500, or about 36 percent, of its titles on the newer DVD format.
Since Kerkorian most recently acquired the studio in 1996, MGM has had few major hits. Sony is expected to shutter MGM's current production with the possible exception of the "James Bond" franchise. MGM also produces films under the United Artists label.
But MGM has a considerable library of more than 4,100 titles. Analysts have estimated MGM's library will generate $440 million in cash flow in 2004 by exploiting only 1,500, or about 36 percent, of its titles on the newer DVD format.
Does anyone know what "shutter" means in this context? It sounds like they're just talking about film (motion picture) productions, but the press release from MGM identifies MGM Television Entertainment - who owns Stargate, Stargate SG-1, Stargate Atlantis, characters and images - as being part of MGM, Inc., which is the company being acquired.
Big corporations easily confuse me, so I just thought I'd ask...
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