MGM: A Century of Reinvention

MGM was the most famous of the Hollywood studios of the 1930s. From a business perspective, however, the studio merely functioned as a highly publicized subsidiary of Loew’s, Inc., a fully integrated movie company that also owned a highly profitable theater chain headquartered in New York City. Indeed, from 1924 until 1954 Nicholas M. Schenck ran MGM as if it were simply a supplier for Loew’s theaters.

MGM’s method of film production reflected Schenck’s conservative business philosophy. Founded in 1924, the studio projected an image of itself as the ”Tiffany of studios,” producing high-toned feature films starring luminaries such as Greta Garbo and Norma Shearer. During its golden era in the 1930s, however, the studio made most of its profits with films starring down-to-earth types like Joan Crawford, Jean Harlow, Marie Dressler, Spencer Tracy, and Clark Gable. Alongside high-glamour star vehicles the studio also turned out jungle adventures (the Tarzan Series), slapstick comedies (Laurel and Hardy in Son of the Desert, 1933), and the satire and burlesque of the Marx Brothers (A Night at the Opera, 1935; A Day at the Races, 1937).

During the 1940s MGM became closely associated with Technicolor musicals produced by Arthur Freed, such as Meet Me in St. Louis (1944), starring Judy Garland and directed by her future husband Vincente Minnelli. But it also made millions with the low-budget Dr. Kildare Series and Andy Hardy Series as well as with ”Tom and Jerry” cartoons.

Loew’s put up a concerted struggle against the Paramount decrees that forced Hollywood studios to divest their theater operations. The company finally relinquished control of MGM in 1959, by which time the studio was in serious trouble. Famed studio boss Louis B. Mayer had been fired in 1951. His replacement, Dore Schary, had introduced more socially conscious subject matter to MGM’s production schedule, but the company had floundered under his brief reign. Schenck decided to retire in 1955 and Schary left a year later. Violent corporate struggles then became the order of the day as a succession of executives tried in vain to revive the studio’s former glory. Hits emerged infrequently and usually from unexpected sources: Elvis Presley starred in Jailhouse Rock (1957); a remake of Ben-Hur (1959) was the top-grossing film of 1960 and won a record eleven Oscars; a tidy profit was made from Doctor Zhivago (1965), a film based on a novel about the Russian Revolution.

In 1969 airline mogul Kirk Kerkorian purchased controlling interest in MGM simply to gain a symbol for his new Las Vegas hotel. In the early 1970s the company turned to low-budget films. With the exception of the wildly successful Black exploitation feature Shaft (1971), the strategy did not pay off; in October 1973 the once mighty MGM abandoned the moviemaking business.

The company made a comeback in 1980 when Kerkorian split MGM into a hotel empire and a movie company, and acquired United Artists a year later. The regular release of James Bond films, however, provided most of the studio’s few hits of the decade. Meanwhile, Kerkorian continued to make money by selling off parts of the company; at one point he sold MGM to cable television mogul Ted Turner, only to buy it back again, minus the studio’s movie library. Lorimar-Telepictures took over what remained of the fabled backlot. In 1989 Kerkorian sold MGM/UA to Qintex, an Australian broadcasting company, which in turn sold it to Italian financier Giancarlo Parretti the following year.

During the 1990s MGM continued to change hands and direction, surviving largely through its vast film library and the continued success of the James Bond franchise. The company’s struggles mirrored those of the broader film industry as home video and cable television transformed viewing habits. By the early 2000s, MGM had again become an acquisition target. In 2005, a consortium led by Sony Pictures purchased the studio, aiming to revive its legendary name through strategic partnerships and library exploitation rather than large-scale film production.

Heavy debt and inconsistent box office returns eventually led MGM to file for Chapter 11 bankruptcy protection in 2010. After restructuring, the studio re-emerged under the leadership of Gary Barber and Roger Birnbaum, focusing on co-productions and selective franchises. MGM stabilized its finances with a blend of new projects and continued profits from established properties such as Rocky, which was successfully revived through the Creed films.

In the 2010s the studio adapted to the rise of digital distribution, entering into partnerships with companies such as Annapurna Pictures to form United Artists Releasing. This new venture sought to balance theatrical releases with a growing emphasis on global distribution and streaming opportunities. While MGM regained modest profitability, it remained vulnerable in an era increasingly dominated by media conglomerates and streaming giants.

In May 2021, Amazon announced its plan to acquire MGM for approximately $8.45 billion, a deal completed in March 2022. The purchase brought MGM’s extensive library—more than 4,000 film titles and 17,000 TV episodes—under Amazon’s expanding entertainment division, alongside Prime Video. Initially, MGM continued to operate with a degree of autonomy, maintaining its branding and ongoing projects such as Creed III (2023) and the continuation of the James Bond franchise.

By 2023, the company had been formally integrated as Amazon MGM Studios, consolidating MGM’s film and television operations with Amazon’s global media infrastructure. The move also redefined MGM’s identity: no longer a traditional Hollywood studio with backlots and contract stars, but a modern content brand leveraging its century-long legacy for a digital-first era. MGM rejoined the Motion Picture Association in 2024, marking its return to Hollywood’s central institutions after nearly two decades away. That same year, the studio celebrated its 100th anniversary with a new commemorative logo and a curated re-release of classic titles across streaming and theatrical platforms.

In 2025, further leadership transitions reshaped the company once again. Jennifer Salke stepped down as head of Amazon MGM Studios to launch an independent production venture, as Amazon announced a more decentralized structure for its film and television units. MGM remains responsible for key legacy franchises—including James Bond, now developed directly under Amazon MGM Studios—and continues to produce prestige television and feature films for both theatrical and streaming release.

A century after its founding, MGM has transformed from the “Tiffany of studios” into a cornerstone of Amazon’s entertainment empire. Its golden roar, once echoing from Hollywood soundstages, now resonates across streaming platforms worldwide—an emblem of both cinema’s past and its evolving digital future.