Word: mgm
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Dates: during 1960-1969
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...feed and grain store and decides to snare him for her own. She does. Curtain. In between their coy runaround, tiny complications arise. None of them matter, but several are the premises for blithe and sumptuous dance numbers. The most kinetic, Dancing, is happily reminiscent of the old MGM musical It's Always Fair Weather, starring a couple of guys named Gene Kelly and Michael Kidd...
Smelling the Public. Kerkorian hopes that Aubrey, whom he met for the first time only two weeks ago, can put new vigor into the ailing MGM lion. Kerkorian wanted a show business veteran to replace financial man Polk, but his choice for the presidency, Herb Jaffe, a vice president of United Artists, turned the job down. Gregson Bautzer, the Los Angeles socialite lawyer who counts both Kerkorian and Aubrey among his clients, introduced the two men at the Beverly Hilton and recommended Aubrey for the job. Bautzer's sales pitch: "Jim Aubrey has a real good sense of smell...
...MGM is expected to report a loss of about $25 million for the year that ended Aug. 31. Deficits were biggest in the film and record divisions; earnings from television have also suffered, and of the major divisions of the company only the music publishing business raised its profits. Apparently, MGM's creative people have lost touch with what the public wants in films. Last year nearly all the company's films lost money. MGM's last big hit was Doctor Zhivago...
Kerkorian believes that MGM can go nowhere but up. His operating policy for the company: "Clear out the nonproductive items and keep the productive ones, and you have a successful business." MGM began last year to sell off its real estate holdings, which are scattered from Culver City, Calif., to London. In order to realize some quick profits, Kerkorian is likely to dispose of more...
...coup was shrewdly timed. Before Kerkorian started bidding, MGM stock had dropped from a 1968 high of $55 to $29 a share. The company recently estimated that it lost at least $25 million during the fiscal year that ended Aug. 31. Most of the deficit, however, grew out of MGM's decision to write off as losses some box-office flops and a great part of its slow-selling inventory of monaural records. Kerkorian thus bought into a company that may be poised for a turnaround. Bronfman has already predicted a profit for MGM in fiscal...