An investor group led by Sony Corp. has closed on its $4.8 billion takeover of movie studio Metro-Goldwyn-Mayer Inc.
The venture includes Sony, whose film and TV division will run MGM; cable operator Comcast Corp., and three buyout firms.
MGM says it will continue to develop new original television programs and plus existing series Stargate SG1 and Stargate Atlantis.
Comcast will license a older MGM movies and offer them on its video on demand systems at no additional cost to subscribers.
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Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.