History
The holding company, MGM Holdings, was formed on February 11 2005, by a Sony-led consortium; and on April 8, 2005, it acquired MGM in a US$4.8 billion leveraged buyout. From that period until its emergence from bankruptcy on December 20 2010, it was owned by Providence Equity Partners (29%), TPG Capital (formerly Texas Pacific Group) (21%), Sony Corporation of America (20%), Comcast (20%), DLJ Merchant Banking Partners (7%), and Quadrangle Group (3%).
Following the emergence from bankruptcy, MGM's secured lenders which included Credit Suisse and JPMorgan Chase jointly own the company. The holding company owns MGM Holdings II Inc., which in turn owns the Hollywood studio - Metro-Goldwyn-Mayer Studios Inc. In December 2010, MGM named Spyglass partners Gary Barber and Roger Birnbaum as the co-Chairs and co-CEOs of the studio; and also appointed Ann Mather, the ex-Pixar CFO to head MGM's new board of directors. On December 29 2010, MGM signed a new lease with New York-based group George Comfort & Sons for a 6-story building in the corner of 235–269 N. Beverly, leaving its old headquarters in Century City.
On July 31, 2012, MGM announced a deal with Carl Icahn, MGM’s largest shareholder, to acquire his stake in MGM Holdings for US$590 million. The deal allowed MGM to set a market value of US$2.4-US$3 billion for the studio, in case it went public or sold to a strategic investor.
Read more about this topic: MGM Holdings
Famous quotes containing the word history:
“Systematic philosophical and practical anti-intellectualism such as we are witnessing appears to be something truly novel in the history of human culture.”
—Johan Huizinga (1872–1945)
“At present cats have more purchasing power and influence than the poor of this planet. Accidents of geography and colonial history should no longer determine who gets the fish.”
—Derek Wall (b. 1965)
“The basic idea which runs right through modern history and modern liberalism is that the public has got to be marginalized. The general public are viewed as no more than ignorant and meddlesome outsiders, a bewildered herd.”
—Noam Chomsky (b. 1928)