MGM Acquires Lion's Share of PolyGram | E! News

MGM Acquires Lion's Share of PolyGram

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by Daniel Frankel | Thu., Oct. 22, 1998 12:30 PM

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"Yeah, we got that."

This could be a slogan for MGM, after a deal with Seagram today swelled its film library to 5,200 titles--the largest in the world, including more than half of all the Hollywood studio films produced since 1948, a spokesperson said.

In a pact finally consummated Thursday after a number of recent near-closures, MGM paid Seagram $250 million for 1,300 of its PolyGram film titles. Included in that mix are Academy Award winners like Fargo, The Graduate, Dead Man Walking, My Left Foot, The Crying Game, Usual Suspects, and Kiss of the Spider Woman. Other titles include Four Weddings and a Funeral and Room with a View and When Harry Met Sally.

Seagram will use the cash to help cover its $10.4 billion purchase of Dutch media giant PolyGram. That deal, which should be completed next month, will make Seagram the largest music company in the world. (The MGM purchase is contingent on the PolyGram deal going through.)

"We have concluded that the sale of these library assets would bring significant value to our shareholders," Seagram CEO Edgar Bronfman Jr. said.

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