In 1969, Kirk Kerkorian purchased 40 percent of MGM from Bronfman and Time, Inc., What appealed to Kerkorian was MGM's Culver City real estate, and the value of 45 years' worth of glamour associated with the name, which he attached to a Las Vegas hotel and casino. As for film-making, that part of the company was quickly and severely downsized under the supervision of James T. Aubrey Jr. With changes in its business model including fewer pictures per year, more location shooting and more distribution of independent productions, MGM's operations were reduced. Aubrey sold off MGM's accumulation of props, furnishings and historical memorabilia, including a pair of Dorothy's ruby slippers from "The Wizard of Oz". Lot 3, of back-lot property, was sold off for real-estate development. In 1971, it was announced that MGM was in talks with 20th Century Fox about a possible merger, a plan which never came into fruition. Under Aubrey, MGM also sold off MGM Records and its overseas theater holdings.