Word: mgm
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Dates: during 1990-1999
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...roaring MGM lion, may be Hollywood's most enduring symbol, but lately he's been looking a bit shopworn. Last October financier Kirk Kerkorian agreed to sell MGM/UA to Australia's Qintex, but the deal collapsed when the buyer could not complete the financing. Talks with several other bidders have since fizzled. Last week Los Angeles-based Pathe Communications said it will pay $1.2 billion for the venerable studio, whose 1,000-film library includes James Bond, the Pink Panther and West Side Story. "A great day for Europe!" said Giancarlo Parretti, the Italian investor who controls Pathe...
...business front, Turner's turnaround has been impressive. After his abortive 1985 attempt to take over CBS and his costly acquisition of MGM's library of 3,300 old films, Turner appeared to be in financial trouble. In desperate need of cash, he turned for a bailout to a group of cable-owning companies (among them Time Inc.), which bought a large share of Turner Broadcasting. His stake in the company has been reduced from 80% of common stock to just over 40%, and for the first time he must get approval for major decisions from a board of directors...
Some cable executives were skeptical that the new network would find a niche on an already crowded cable dial, especially since it would be filled largely with old movies. But TNT, seen today in 37.5 million cable homes, has drawn an enthusiastic cult audience for its treasure trove of MGM, RKO and pre-1950 Warner Bros. movies. Film lovers, who were outraged at Turner for colorizing classics originally released in glorious black-and-white, are now also praising him for unearthing the oeuvres of Warren William, Edna May Oliver and Alfred E. Green. "The demand for classic movies was unrecognized...