After that he expanded MGM by purchasing Orion Pictures and the Samuel Goldwyn Company, including both of their film libraries. Turner soon sold most of it back to Kerkorian who then sold it again in 1992, only to buy it again a third time in 1996. In 1986, Kerkorian sold the entire company to Ted Turner. In 1969, Kirk Kerkorian bought 40% of MGM, hired new management, reduced its output to about five movies per year, and diversified its products, creating MGM Resorts International and, in 1973, a Las Vegas-based hotel and casino company (which it divested in the 1980s). After that, it divested itself of the Loews movie theater chain, and, in the 1960s, it diversified into television production. Its most prosperous era, from 1926 to 1959, was bracketed by two productions of Ben Hur. The company 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 one of Hollywood's "big five" film studios, producing popular movie musicals and winning many Oscars. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures, and Louis B. It is based in Beverly Hills, California. (also known as Metro-Goldwyn-Mayer Pictures, MGM or Metro) is an American media company, founded in 1924, that produces and distributes feature films and television programs.
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