MGM Buys Full Ownership Of Epix For More Than $1 Billion

Metro-Goldwyn-Meyer said on Wednesday it's reached an agreement with Viacom Inc. and Lions Gate Entertainment Corp. to acquire full ownership of Epix. The premium entertainment network was jointly owned by the three companies and MGM bought Lions Gate and Viacom's 80.9% aggregate interest for about $1.03 billion. "The addition of Epix provides MGM with a premier distribution platform that complements our strong stable of new and library content in both film and television," said MGM Chief Executive Gary Barber in a statement. "The acquisition creates increased revenue diversity, new opportunities for growth and earnings accretion." MGM is home to the Emmy's, the Golden Globes, the highly-anticipated Hulu series "The Handmaid's Tale" and award-winning show "Fargo". The deal gives MGM control over the pay TV channels operated by Epix and under the deal Lions Gate and Viacom's Paramount Pictures have multi-year agreements to bring first-run theatrical output to Epix.