The American media company Metro Golden Mayers, also known as MGM, and the American entertainment conglomerate Warner Bros are believed to have signed a contract that will last until 2023.
According to reports and declarations made separately by each party, Warner Bros received the rights to distribute MGM media productions internationally across all platforms as part of the agreement.
What Do MGM And Warner Bros Have To Say About Each Other?
Both parties have made remarks that hype each other up about entering into an arrangement of this nature.
Chris Brearton, COO of MGM, declared that the MGM team was “very thrilled to be collaborating with Warner Bros.” He thinks that the films and endeavors it has planned for foreign distribution would mesh flawlessly with those anticipated for release by Warner Bros as originals.
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“We are incredibly excited to be working with the team at Warner Bros. to bring MGM’s slate of future releases to international audiences. The studio’s slate of original, franchise, and prestige theatrical films are a great addition to the lineup of movies that WBD is bringing to audiences outside of the U.S.”
Michael De Luca and Pamela Abdy, co-chairmen and CEOs of Warner Bros., did not mince words in praising their choice to get back into a contract with the media firm. The judgment is “a win for moviegoers and the cinema business generally,” they claimed.
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“Warner Bros. and MGM have a long and really successful history of working together, and we’re glad 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 movie business overall.”
What Does This Contract Mean?
Understanding the ramifications of such a contract is crucial since it makes it simpler to spot changes in the movie industry.
Warner Bros. serves as a distributor in this agreement. For higher revenue, a film or television program must be released to the appropriate audience at the same time. It’s a challenging job.
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Earlier, the international distribution of MGM’s projects was under Universal Studios, in the wake of which it released the James Bond franchise (one of the most celebrated franchises of all time).
The distribution of upcoming films will now be handled by Warner Bros once this arrangement reportedly comes to an end with the release of the 26th James Bond film.
SOURCE: Collider.
