The SONY CORPORATION has completed its purchase of Hollywood studio METRO-GOLDWYN-MAYER (MGM) for $2.9 billion (GBP1.5 billion), it was announced on Friday (08APR05).

The Japanese firm, who paid the amount in cash, have also taken on MGM's debts of circa $1.9 billion (GBP1 billion) as part of the deal.

Sony will now take over distribution of MGM's library of 4,000 films and 10,000 TV shows, adding to its current catalogue of 3,500 movies and 35,000 TV programmes.

MGM was the last major independent Hollywood studio and was best known in recent years for the James Bond films.

It will continue to operate in Los Angeles, where its future film and TV projects are likely to be co-produced with Sony.

Upcoming MGM films, including the STEVE MARTIN-starring remake THE PINK PANTHER, will still be released by MGM.

11/04/2005 17:39