On This Day: May 21, 1981 - MGM Purchased United Artists From Transamerica for $380 Million

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Pete

Pete

Mr. Eighties
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Pete has published a news story:

On This Day: May 21, 1981 - MGM Purchased United Artists From Transamerica for $380 Million.

On this day May 21, 1981, Transamerica Corporation agreed to sell United Artists to Metro-Goldwyn-Mayer for $380 million. The move came after United Artists suffered a devastating financial loss due to the critical and commercial failure of the 1980 film Heaven's Gate, which went drastically over budget and flopped at the box office.

The acquisition marked a major shake-up in the Hollywood studio system during the early 80s. United Artists, once home to iconic films and directors, became...
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