Chellomedia has acquired MGM Networks, the companies said Wednesday.

In addition, Chellomedia has acquired the remaining 50 percent stake in MGM Latin America, which has operated as a joint venture since 1998, as well as the balance of the companies' joint venture in Central Europe.

The move comes as MGM is flirting with filing for an initial public offering. The studio only recently emerged from bankruptcy and has new corporate leadership in the form of   Spyglass chiefs Gary Barber and Roger Birnbaum.

After it exited Chapter 11 in December 2010, the studio secured some $500 million in exit funding, which it used to help keep operations running and to fund its portion of the production on "The Hobbit" and the James Bond sequel, "Skyfall."

Chellomedia  is the international content division of Liberty Global.

MGM will retain its network businesses in the United States, Canada, United Kingdom, Germany and its joint venture interests in Brazil and Australia, the companies said.

As part of the deal, Chellomedia has entered into a long term programming licensing agreement with MGM to allow the channels to continue offering films from the studio's library.