Metro-Goldwyn-Mayer, owned by MGM Holdings Inc. , said on Tuesday that it’s entered into a joint venture with independent film company Annapurna Pictures to distribute films in U.S. theaters. The partnership marks the return of U.S. theatrical distribution for MGM, which will share in funding for the joint venture’s operations. MGM for years has been reliant on co-production partners to release its films. For Annapurna, which launched its marketing and distribution arm earlier this year, its part of the studio’s continuing expansion. The two studios will retain creative control over their individual projects. “The time has come for MGM to regain control of its own destiny and return to U.S. theatrical distribution,” said MGM Chief Executive Gary Barber in a statement. “This efficient distribution model enables us to retain more distribution rights to our feature film releases and create additional revenue opportunities for MGM.” The company said it expects to release six to eight films a year through the joint venture, and Annapurna plans to release four to six films a year. In 2017, Annapurna has released three films: “Detroit,” “Brad’s Status” and “Professor Marston and the Wonder Women,” which have totaled $20.5 million to date. The company has racked up 32 Academy Award nominations for its films since 2012, including best picture nods for “American Hustle,” “Her” and “Zero Dark Thirty.” Shares of MGM Holdings, which trade over the counter, are up nearly 14% in the year to date. By comparison, the S&P 500 index is up 15%.
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