Kerkorian sold MGM to Ted Turner in 1986, who retained the rights to the MGM film library, sold the studio lot in Culver City to Lorimar, and sold the remnants of MGM back to Kerkorian a few months later. In 1980, the studio acquired United Artists. He hired new management, reduced the studio's output to about five films per year, and diversified its products, creating MGM Resorts International and a Las Vegas-based hotel and casino company (which it later divested in the 1980s).
In 1969, businessman and investor Kirk Kerkorian bought 40% of MGM and dramatically changed the operation and direction of the studio. After that, it divested itself of the Loews movie theater chain, and, in the 1960s, diversified into television production. Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. MGM also owned film studios, movie lots, movie theaters and technical production facilities. It hired a number of well known actors as contract players-its slogan was "more stars than there are in heaven"-and soon became Hollywood's most prestigious film studio, producing popular musical films and winning many Academy Awards. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures, and Louis B. Metro-Goldwyn-Mayer Studios, Inc., also known as Metro-Goldwyn-Mayer Pictures and abbreviated as MGM, is an American film, television production, distribution and media company owned by Amazon through MGM Holdings, founded on April 17, 1924, and based in Beverly Hills, California.
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