Transamerica sells United Artists to MGM
May 21st, 1981
May 21st, 1981
How Long Ago?
43 years, 9 months, 22 days ago
Location
Los Angeles, California, USA
Category
Entertainment
People
- Michael Cimino
- Transamerica Corporation Executives
- MGM Executives
Links & References
Tags
Transamerica sells United Artists to MGM
Transamerica Corporation agreed to sell United Artists to Metro-Goldwyn-Mayer for $380 million after the disappointing box office performance of the 1980 film Heaven's Gate, which had significant financial implications for the studio. The sale was finalized as part of Transamerica's strategy to divest from the film industry and refocus on its core businesses. This marked a turning point for United Artists, which had once been an influential independent studio.
Heaven's Gate was a major box office failure.
Transamerica divested from the film industry.
MGM aimed to revive United Artists' legacy.
The sale reshaped Hollywood's studio landscape.
What Happened?
Transamerica Corporation's decision to sell United Artists to Metro-Goldwyn-Mayer for $380 million was influenced by the substantial losses incurred following the release of the 1980 film Heaven's Gate. Directed by Michael Cimino, the film was a massive box office failure, costing an estimated $44 million to produce and ultimately grossing just $3.5 million in the U.S. The critical and commercial disaster of Heaven's Gate tarnished United Artists' reputation, leading Transamerica to reassess its investments in the film industry.
By divesting from United Artists, Transamerica aimed to mitigate further financial losses and redirect focus toward its primary business operations, which included transportation and financial services. The sale allowed MGM, a long-established and iconic studio, to expand its portfolio and revive United Artists. The change in ownership sparked discussions about the future direction of United Artists and the broader landscape of Hollywood during a time when the movie industry was experiencing significant shifts.
The acquisition by MGM was intended to capitalize on United Artists' extensive film catalog and establish a stronger foothold in the competitive film market. The combination of MGM's resources and United Artists' legacy set the stage for new film projects and potential revitalization of the storied brand, which had been known for promoting creative filmmakers.
Why Does it Matter?
The sale of United Artists to MGM is significant as it illustrates the intense financial pressures faced by studios during the 1980s and the subsequent changes in ownership dynamics within the film industry. This transition represented a shift away from independent studios toward more integrated corporate structures in Hollywood, allowing larger entities to absorb iconic brands. The outcomes of such acquisitions played a critical role in shaping the future of film production and distribution during a transformative era.
Discover More Historic Events from May 21st
Final Show of Ringling Bros. Circus
The Ringling Bros. and Barnum & Bailey Circus held their final performance at the Nassau Veterans Memorial Coliseum. This iconic event marked the end of an era for a circus that had entertained audiences for over a century. The vibrant show featured acrobats, clowns, and animal acts, culminating in a spectacular farewell that resonated with fans. Many attendees were nostalgic, reflecting on their cherished memories of the circus and the joy it brought to generations.
Continue ReadingRandom Killings on Taipei MRT Bannan Line
In a shocking incident on the Bannan Line of the Taipei MRT, a man began randomly attacking passengers with a knife, resulting in four fatalities and injuring 24 others. The attack took place in the early evening, sending panic through the train as people attempted to escape the violence. The assailant, armed with a knife, was apprehended shortly after the rampage. Eyewitnesses described a scene of chaos as individuals rushed to safety while others tended to the wounded.
Continue ReadingDeadly Suicide Bombing Strikes Yemeni Military Parade
A suicide bombing targeted a Yemeni military parade in Sana'a, resulting in over 120 fatalities and dozens of injuries. The attack occurred during a celebration of the Yemeni armed forces and involved a bomber wearing a military uniform who infiltrated the crowd. Al-Qaeda in the Arabian Peninsula (AQAP) claimed responsibility, citing aims to undermine the Yemeni government amid the ongoing instability in the nation.
Continue ReadingBus Accident Near Himara Claims Lives
A devastating bus accident occurred near Himara, Albania, resulting in the deaths of 13 individuals and injuring 21 others. The accident involved a passenger bus that veered off the road, leading to multiple fatalities. Emergency services rushed to the scene to provide medical assistance and transport the injured to local hospitals. The cause of the accident was under investigation, highlighting concerns over road safety in the region. The tragedy shocked the local community and prompted discussions about transport regulations.
Continue ReadingHarold Camping's World End Prediction Fails
Harold Camping, a radio broadcaster, claimed that the Rapture would occur on May 21, 2011. His predictions were based on biblical interpretations and garnered significant media attention and public discussion. Many of his followers, who believed in this prophecy, prepared for the event, creating a widespread frenzy around the world. Camping's organization, Family Radio, had actively promoted the prediction, leading to various public events and discussions leading up to this date.
Continue ReadingJAXA's IKAROS Solar Sail Launch
JAXA successfully launched the solar-sail spacecraft IKAROS aboard an H-IIA rocket from Tanegashima Space Center, Japan. IKAROS, which stands for Interplanetary Kite-craft Accelerated by Radiation Of the Sun, is notable for being the first spacecraft to demonstrate solar sail propulsion. After its launch, IKAROS was set to perform a flyby of Venus later that year, showcasing unique space exploration capabilities and advancing solar sail technology.
Continue Reading