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 as 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.
It divested itself of the Loews movie theater chain and, in 1956, expanded 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 filmmaking company, producing popular musical films and winning many Academy Awards. MGM was formed by Marcus Loew by combining Metro Pictures, Goldwyn Pictures and Louis B. Founded on April 17, 1924, and based in Beverly Hills, California, it is owned by the Amazon MGM Studios subsidiary of Amazon. (also known as Metro-Goldwyn-Mayer Pictures, commonly shortened to MGM), is an American media company specializing in film and television production and distribution.
