One day after making a deal to co-finance the next two James Bond films and other feature films over the next five years, MGM chiefs Gary Barber and Roger Birnbaum solidified another piece of the reawakening studio’s puzzle by renewing its DVD deal with Fox through 2016. Here’s the official announcement:

LOS ANGELES, CA April 14, 2011 – MGM announced today that the company has renewed its worldwide Blu-ray Disc and DVD distribution pact with Twentieth Century Fox Home Entertainment through 2016. As part of the new agreement, Fox will now oversee electronic-sell-through for MGM titles and will continue to handle MGM’s vast and extensive movie and television library, as well as distribute several upcoming new release productions in the home entertainment market, including the next JAMES BOND film, set for global theatrical release on November 9, 2012.”

“Twentieth Century Fox is a valued partner that has taken great care of the MGM library for many years with the highest degree of integrity,” said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. “They are a tremendous asset to the studio as we look towards the future.”

“MGM and UA have made enormous contributions throughout the history of film, and we’re proud to be part of that legacy,” said Fox Filmed Entertainment’s chairmen and CEO’s Jim Gianopulos and Tom Rothman. “We’re delighted that we are extending our partnership with the studio under the leadership of our friends Gary and Roger.”

Twentieth Century Fox began managing MGM’s international home video distribution in 1999. The flourishing partnership expanded in 2006 when MGM signed a worldwide distribution pact with Fox. Fox’s home entertainment group has enhanced the MGM legacy by maximizing key franchises and legendary films from the library that include JAMES BOND, ROCKY and WEST SIDE STORY. Additionally, Fox leveraged MGM’s deep catalog to offer a selection of never before released classic films and TV shows via CreateSpace’s DVD On-Demand service.

“The MGM brand has become part of our DNA,” said Mike Dunn, President Worldwide, Twentieth Century Fox Home Entertainment. “We are privileged to handle this incredible library of acclaimed films, many that rank as the most commercially and critically successful films of all time.”