MGM has realized the value of straight-to-video.

In a story from The Hollywood Reporter, the studio announced that they are starting a new straight-to-video division that will handle "development and production of 12 or more films a year."

The studio has hired former MTV Films executive Jason Weiss. Some of his credits include The Dirt and Black Hole.

"As consumers around the globe continue to want to view films in both the cinema and as well as in their homes, the demand for quality direct-to-video productions will only increase," said MGM COO Rick Sands, who announced this new venture. "One of MGM's primary activities is to continually replenish as well as maximize revenue from its large catalog of film and television programming."

In the announcement, Sands didn't talk about "specific projects or when the first direct-to-video productions from the new MGM division will be released."