MGM Holdings Inc said it would acquire the 81 percent of Epix it does not already own from two of its partners in the premium U.S. channel, Viacom Inc and Lionsgate Entertainment Corp, for about $1.03 billion.
Viacom has a 50 percent stake in Epix, while Lionsgate holds 31.2 percent.
The deal would give MGM, a privately held US movie studio best known for its classic film library, control of Epix and would be a boon to its TV business, as it seeks to build a stronger platform to distribute its content.
Metro-Goldwyn-Mayer Studios Inc. (MGM) is an American media company, involved primarily in the production and distribution of feature films and television programs.
Once the largest, most glamorous, and most revered film studio, MGM was founded in 1924 when the entertainment entrepreneur Marcus Loew gained control of Metro Pictures, Goldwyn Pictures, and Louis B. Mayer Pictures. Its headquarters are in Beverly Hills, California. It is one of the world’s oldest film studios.
Epix is a premium entertainment network headquartered in New York City. It is owned by Studio 3 Partners, LLC, which is a joint venture of Viacom’s subdivision Paramount Pictures, Metro-Goldwyn-Mayer, and Lions Gate Entertainment. The Epix television channel features new theatrically released motion pictures from its owners, original documentaries, music and comedy specials, and series.
Launched in October 2009, Epix is the newest of the major premium TV channels in the United States.
Source: Reuters / Wikipedia