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News
UA gets special treatment
June 7, 1999: 2:38 p.m. ET

Metro-Goldwyn-Mayer restructures top subsidiary as a specialty film unit
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NEW YORK (CNNfn) - Metro-Goldwyn-Mayer Inc. said Monday it intends to reorganize United Artists Pictures into a specialty film division that will compete directly with independent filmmaking giant Miramax Films.
     The new organizational structure allows United Artists, a MGM subsidiary, to control everything from production to sales to acquisitions of independent films. All mainstream film production and current United Artists staff, meanwhile, will be consolidated under the MGM Pictures banner.
     "This creates a stronger identity for [United Artists], while putting all the mainstream identity at MGM," said Craig Parsons.
     Parsons said until the reorganization, MGM and United Artists found themselves competing against one another for independent films. Now, United Artists will be able to focus its attention solely on Miramax, the industry's independent film leader.
     In conjunction with the changes, current United Artists President Lindsay Doran has exercised her option to become an MGM independent producer, effective immediately.
     Additionally, G2 films, MGM's previous specialty film unit based in London, will change its name to United Artists International while leaving its management and staff in tact.
     MGM Vice Chairman Chris McGurk said the company will release more specific information about the reorganization over the next several months, but he confirmed the redesigned United Artists division will continue to have MGM's marketing and distribution support.
     There was no disclosure of who will lead the reorganized company.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.