US media company Metro Golden Mayers, also known as MGM, and US entertainment conglomerate Warner Bros have reportedly signed a deal that will last until 2023.
According to reports and statements made separately by each party, Warner Bros. received international distribution rights for MGM’s media productions across all platforms as part of the deal.
What do MGM and Warner Bros have to say about each other?
Both parties have made remarks that boast of reaching an arrangement of this nature.
Chris Brearton, COO of MGM, said the MGM team was “very excited to be working with Warner Bros.” He thinks the films and efforts he has planned for overseas distribution would fit perfectly with those slated for release by Warner Bros. as originals.
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“We are incredibly thrilled to be working with the team at Warner Bros. to present MGM’s slate of future releases to an international audience. The studio’s roster of original, franchise, and prestige films is a great addition to the lineup of movies that WBD brings to audiences outside of the United States.
Michael De Luca and Pamela Abdy, co-presidents and CEOs of Warner Bros., did not mince words in praising their choice to resume a contract with the media firm. The judgment is “a win for moviegoers and the movie industry in general,” they asserted.
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“Warner Bros. and MGM have a long and successful history of working together, and we are pleased that our companies are back in partnership.”
“Our studios and executives share a commitment and passion for bringing high-quality films of all genres to global audiences, so this is a win for moviegoers and the film industry at large.”
What does this contract mean?
Understanding the ramifications of such a contract is crucial as it makes it easier to spot changes in the film industry.
Warner Bros. serves as a distributor under this agreement. For higher earnings, a movie or TV show must be released to the appropriate audience at the same time. This is a difficult work.
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Previously, the international distribution of MGM projects was done under Universal Studios, in the wake of which it released the james bond franchise (one of the most famous franchises of all time).
Distribution of upcoming films will now be handled by Warner Bros once that arrangement ends with the release of 26 james bond film.
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THE SOURCE: Collider.