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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 14, 1999
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METRO-GOLDWYN-MAYER INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-13481 95-4605850
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
2500 Broadway Street, Santa Monica, CA 90404
(Address of Principal Executive Offices) (Zip Code)
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(310) 449-3000
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(Registrant's telephone number, including area code)
None
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(Former Name or Former Address, if Changed Since Last Report.)
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ITEM 5. OTHER EVENTS
On September 14, 1999, the Company issued the press release attached hereto
as Exhibit 99.1, which is incorporated herein by reference.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Text of Press Release, dated September 14, 1999, of the
Registrant.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
METRO-GOLDWYN-MAYER INC.
Date: September 16, 1999 By: /s/ William Allen Jones
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Name: William Allen Jones
Title: Senior Executive Vice
President and Secretary
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EXHIBIT 99.1
For immediate release Contact: Craig Parsons
- --------------------- (310) 449-3660
September 14, 1999
METRO-GOLDWYN-MAYER OBTAINS BROADCAST RIGHTS TO OVER 800 OF
ITS
FILM LIBRARY TITLES FROM TURNER BROADCASTING SYSTEMS, INC.
Once Exclusive Agreement Opens Windows for MGM Networks' Cable & Satellite
Ventures
Santa Monica, CA - In a significant move to accelerate the creation of
MGM-branded cable and satellite channels, Metro-Goldwyn-Mayer Inc. (NYSE: MGM)
has obtained broadcast rights to more than 800 of its films previously licensed
to Turner Broadcasting System, Inc. The transaction was announced today by Alex
Yemenidjian, MGM Chairman and Chief Executive Officer.
Under terms of the new agreement, MGM successfully renegotiated the
reversion of its television rights to 200 library titles, while also obtaining
from Turner Broadcasting the right to broadcast the remaining 600 MGM Inc. films
on a non-exclusive basis with Turner on any MGM owned-and-operated networks
beginning as early as September 2000. Titles included in the group of 800 are
some of MGM's most notable films such as West Side Story, Annie Hall,
Moonstruck, The Magnificent Seven and selected titles from its Rocky and Pink
Panther series. In exchange, Turner Broadcasting gains an extension if its
rights in the titles for all of its networks for a period of up to two years
past the agreement's original expiration.
In addition, Turner Broadcasting acquires rights for its Turner Classic
Movies cable network for all 600-plus features with increased available runs and
term.
In making the announcement, Yemenidjian said, "This transaction
underscores the new MGM's determination to reclaim control of its enormous
collection of film assets and the momentum underway in shaping our cable and
satellite network alternatives."
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Metro-Goldwyn-Mayer Inc. is actively engaged in the worldwide production
and distribution of entertainment product, including motion pictures, television
programming, home video, interactive media, music, licensed merchandise, a
library of more than 4,100 films, and a significant television library.
(more)
Page 2- MGM/Turner release
The Company's operating units include MGM Pictures, United Artists
Pictures, Orion Pictures, United Artists Ltd., MGM Television Entertainment, MGM
Worldwide Television Distribution, MGM Networks, MGM Distribution Co., MGM Home
Entertainment and Consumer Products Group, MGM Music, and MGM Interactive, among
others. For more information on MGM, visit MGM Online at http://www.mgm.com.
This news release contains forward-looking statements that are based upon
the company's estimates and expectations concerning future events and are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those reflected in the forward-looking statements. These
risks and uncertainties include, among other things, future competitive and
market conditions, whether the company's products achieve customer acceptance,
future business decisions, and other factors, including those described in the
company's filings with the Securities and Exchange Commission, all of which are
difficult or impossible to predict accurately and many of which are beyond the
control of MGM. In light of the significant uncertainties inherent in the
forward-looking information herein, the inclusion of such information should not
be regarded as a representation by the company or any other person that the
company's objectives or plans will be realized. This press release shall not
constitute an offer to sell, or the solicitation of an offer to buy, any
securities of the Company. If the Company elects to make a public offering of
securities, it will file a registration statement with the Securities and
Exchange Commission, and any such offering will only be made by means of a
prospectus to be contained in such filing.
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