MGM’s library has always been key to its appeal. The late Kirk Kerkorian bought and sold the studio’s name and assets three times over 35 years in a complex series of deals that helped make him a billionaire. Kerkorian bought United Artists and its library in 1981 and merged it with MGM. Those assets were not part of the Turner deal and today’s MGM retains the UA library, with the James Bond catalog as its crown jewel. Ken Regan/Orion/Kobal/REX/Shutterstock After Kerkorian sold the company in 1990, he bought it back for a third and final time in 1996 with a focus on beefing up the studio’s library. The following year MGM bought Metromedia’s Orion Pictures, Goldwyn Entertainment, and Motion Picture Corporation of America, primarily for their 2,000-title library that includes “The Silence of the Lambs,” “Sid and Nancy,” and “Dumb and Dumber.” In 1997, MGM bought PolyGram’s library, which includes “The Graduate” and “Fargo.” At that point, as the Los Angeles Times pointed out, MGM’s library was so large that it represented more than half of the Hollywood studio films produced since 1948. Former MGM executive Kenneth McCormick recalled one of those 1990s dealmaking sessions to The Wall Street Journal. McCormick said that Kerkorian turned to him during negotiations and commented that movies “just don’t go down in value. … Something new comes along that you can use them again.” Sign Up: Stay on top of the latest breaking film and TV news! Sign up for our Email Newsletters here.
