The golden era of MGM ended after the Second World War when it became expensive to produce large number of movies and the when viewers attention was diverting towards the television. The 1950's and 1960's saw one of the worst periods in the history of the studio and Peoria entertainment with company making loses for the first ever time. To offset these loses and to get into the television market slowly they sold the rights of their movie 'The Wizard of Oz' to CBS which made a lot of money back then. But even as the company tried to come out of the financial turmoil it sank further deep each year. The studio was ultimately sold to Edgar Bronfman, Sr., a Canadian Investor. When he too was not able to manage the studio he sold it to Nevada millionaire Kirk Kerkorian who was more interested in it as a real estate property than a studio. He sold the vast collection of Studio's props, furnishings and memorabilia; the lot was used for a huge real estate project for Peoria events.

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