"The time has come for MGM to regain control of its own destiny and return to U.S. theatrical distribution," Gary Barber, MGM chief executive and chairman, said in a statement.
MGM returns to film distribution with Annapurna partnership →
"MGM is emerging from one of the most challenging periods of its storied history," Barber and Birnbaum said in a statement. "We are honored and inspired at the opportunity of leading one of Hollywood's most iconic studios into its next generation."
Slimmer MGM studio completes restructuring →