Digital Trends
Online video sharing service YouTube might be best known for amateur videos and short clips, but Google’s effort to monetize the service is luring in more full-length content from major Hollywood studios. Last month, YouTube launched full-length programming from CBS; now, YouTube has told Reuters it will be offering full-length television shows and movies from MGM. The move would make MGM the first studio to offer full-length movies via YouTube.
Film studio MGM announced today it will support Sony’s Blu-Ray DVD disk format. MGM plans to begin releasing material when the new Blu-Ray hardware is available in North America, Japan. and Europe; the studio’s large library includes television programming and more than 4,000 films, including the lucrative James Bond franchise.
The announcement was not considered a surprise by industry watchers, since MGM was acquired in April 2005 by a group of investors, including equity firms, Comcast, and Sony itself. The announcement is the third in a recent string of major studios announcing they will release content in Blu-Ray format; Warner Home Video and Paramount previously announced they plan to support both Blu-Ray and Toshiba’s competing HD-DVD format, after having solely voiced support for HD-DVD.
The Japanese electronics and media giant and private equity partners plan to pay $13 for each share of MGM plus the assumption of debt. The parties expect to announce the deal before MGM’s annual meeting on June 29. MGM shares closed Thursday at $12.17, off 8 cents.
The sale of MGM would mark another milestone for 87-year-old billionaire Kirk Kerkorian, who owns 75% of the last major independent film studio. Earlier this week, Kerkorian placed a huge bet on the future of the Las Vegas hotel and gaming industry by sealing a deal to buy Mandalay Resort Group for $4.8 billion.
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