Warner owns all of MGM's films that were made prior to 1986.
MGM used to own the pre-1950's Warner library which they bought decades ago. When Warner acquired the pre-1986 MGM titles, they also reacquired all their old First National and pre-1950 Warner releases.
The current MGM is so cheap and clumsily run that it's doubtful that they would have put up the money for the restoration. The two films probably would have been released to DVD, but as a double-feature and would not have been restored. MGM rarely spends money for new transfers for these catalog DVD releases. They usually utilize transfers freshly made by the TV department who would have recently made an international sale of the title and are required by contract to provide a new transfer. The video dept just darts in and utilizes the transfers without spending a dime from their own dept.
This obviously excludes new theatrical releases and the occasional 'A' title.