Rich Fiscus
21 Apr 2008 9:15
Entertainment giant Viacom is partnering with MGM, and Lionsgate to start a new premium cable channel. Less than three years ago Viacom gave up ownership of Showtime to CBS Television when they split assets between the two companies. The new channel will compete with both Showtime and Time-Warner owned HBO
According to the Associated Press, a statement from Viacom president CEO Philippe Dauman said "This venture has the potential to be a game changer for the industry," . "We are building an innovative service that will use traditional and new digital distribution technologies to bring great film and television entertainment directly to the consumer."
Viacom already owns a huge library of TV shows, as well as the theatrical movies released by its Paramount Pictures division. MGM owns with the AP calls "the world's largest modern film library," which includes not just MGM, but also United Artists and Orion Pictures titles.