THE long running saga over the ownership of one of America's most famous movie studios, MetroGoldwyn Meyer, was finally concluded during the week when the state owned French group Credit Lyonnais sold it for $1.3 billion.

The studio, which is a arguably most famous for its epic blockbuster bone wish Iie Vina has had a troubled few years, but has been rejuvenated by a string of recent hits.

CL, which took control of the studio four years ago when the Italian financier Giancarlo Parretti defaulted on loans, and has been trying to off load it every since.

The new owners are the Australia's Seven Network and the billionaire investor Kirk Kerkorian. Kerkorian, who has owned MGM on two previous occasions, is putting up the largest tranche of cash but the Aussie's are getting equal board representation.

Kerkorian's share of the price, which is believed to be lower than the bid lodged by Polygram, is about $650 million.

The consortium which bought the studio also includes MGM's current management who are responsible in part for recent hits such as the James Bond money spinner Goldeneye and The Birdcage.

Kerkorian first owned MGM in 1981, and it was during one of his periods of ownership that the studio controversially sold most of it vast warehouse of props.

The auction, which attracted criticism from many film buffs and historians for essentially selling the family silver, included the pair of ruby slippers worn by Judy Garland in The Wizard of Oz.

As Dorothy travels back to Kansas she recites her mantra "there's no place like home". But for Kerkorian it seems, there's no place like MGM.