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:
“He wrote in prison, not a History of the World, like Raleigh, but an American book which I think will live longer than that. I do not know of such words, uttered under such circumstances, and so copiously withal, in Roman or English or any history.”
—Henry David Thoreau (1817–1862)
“Racism is an ism to which everyone in the world today is exposed; for or against, we must take sides. And the history of the future will differ according to the decision which we make.”
—Ruth Benedict (1887–1948)
“The reverence for the Scriptures is an element of civilization, for thus has the history of the world been preserved, and is preserved.”
—Ralph Waldo Emerson (1803–1882)