Released to celebrate MGM's 70th Anniversary.
The idea for a third edition was pitched by MGM/UA Home Video head George Feltenstein to then MGM/UA president Alan Ladd Jr. Feltenstein had typed up a list of musical numbers for a potential third movie back in 1976 after returning home from Hollywood... Hollywood ! (1976). Ladd approved the pitch, but because Feltenstein was a studio exec, he didn't get a screen credit for his contribution.
Originally pitched as a special for Turner Classic Movies.
While advertised in cinemas as a forthcoming film, it didn't get a British cinema release.