Chellomedia in which CBS Studios International now has a 30% stake, just bought MGM's international TV channels such as MGM (TopTV 113) but will continue to operate the channel as it is under the MGM brand.
In April I told you RIGHT HERE that MGM as a TV channel might undergo dramatic change very soon - something which MGM denied.
MGM was quietly looking to get rid of its international MGM channels - something MGM didn't want to talk about. TV channels like the MGM channel seen in South Africa are no longer considered core assets to MGM the studio who rather wants to monetise the movies and content on those channels differently.
Now Chellomedia has acquired Hollywood studio MGM's international TV channels, including the MGM channel seen in South Africa.
Roma Khanna, MGM's president for the television group and digital says "MGM is not exiting the channel business completely. We are instead shifting our focus to the territories of the United States, Canada, the United Kingdom and Germany, along with our joint venture territories of Brazil and Australia."
Chellomedia will continue to operate the channels and South Africa's MGM channel (which is part of the pan European Middle East and Africa (EMEA) feed) under the MGM brand. In addition, Chellomedia has entered into a long term programming licensing agreement with MGM to allow the MGM channels to continue to be programmed from MGM's programming library.
"The MGM channels are superb assets with a great brand and fit extremely well within our existing channel portfolio, which we have built successfully over the last ten years," says Niall Curran, the president of Chellomedia in a press statement. "We see lots of scope to enhance the movie lover's experience through choice and control and look forward to working with operators around the world to develop this much loved classic movie channel for a TV on demand world".
