<PAGE>
 
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                 FORM S-8

            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                           METRO GLOBAL MEDIA, INC.
                ----------------------------------------------
                (Name of small business issuer in its charter)

            DELAWARE                                      65-0025871
            --------                                      ----------
  (State or other jurisdiction                         (I.R.S. Employer
of incorporation or organization)                     Identification No.)

        1060 Park Avenue, Cranston, Rhode Island             02910
        ----------------------------------------             -----
        (Address of principal place of business)           (zip code)


        Metro Global Media, Inc. 1998 Consultant Stock Compensation Plan
        ----------------------------------------------------------------
                            (Full title of the plan)

                                A. Daniel Geribo
                               -----------------
       1060 Park Avenue, Cranston, Rhode Island 02910  Tel: 888-463-8764
       -----------------------------------------------------------------
           (Name, address and telephone number of agent for service)

                        CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
                                                               Proposed
                                           Proposed            maximum
Title of securities     Amount to be    maximum offering  aggregate offering    Amount of
to be registered         registered     price per share         price         Registration Fee
<S>                    <C>              <C>               <C>                 <C>
 
   Common Stock          500,000(2)         $2.75            $1,375,000          $412.50
   Common Stock          500,000(3)         $n/a             $n/a                $n/a (4)
   Common Stock          500,000(3)         $n/a             $n/a                $n/a (4)
 
</TABLE>
(1)  Estimated pursuant to Rule 457(c) and 457(h) solely for the purpose of
     calculating the Registration Fee, which is based on the average of the high
     and low prices of the Company's Common Stock on September 18, 1998, as
     reported by NASDAQ.

(2)  Represents the maximum number of shares to which options may be granted
     under the Metro Global Media, Inc. 1998 Employee Stock Purchase Plan (the
     "Plan").

(3)  Represents the same shares described on the line above, which may be
     resold by the holders of options issued under the Plan.

(4)  Pursuant to Rule 457(h)(3), no additional fee is payable since these
     shares, which may be offered for resale, are the same shares being
     registered hereby upon their initial issuance pursuant to the Plan.
<PAGE>
 
                                    PART II

                 INFORMATION REQUIRED IN REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference

         The following documents which have been heretofore filed with the
Securities and Exchange Commission (the "Commission") by the Registrant (File
No. 0-21634) pursuant to the Securities Exchange Act of 1934 (the "Exchange
Act") are incorporated by reference in this Registration Statement:

         (1)     The Registrant's Annual Report on Form 10-KSB for the fiscal
year ended May 31, 1998;

         (2)     All other reports filed by the Registrant with the Commission
pursuant to Section 13(a) or Section 15(d) of the Exchange Act since the end of
the fiscal year covered by the Registrant's Annual Report referred to above; and

         (3)     The description of the Common Stock of the Registrant contained
in the Registrant's Registration Statement on Form 8-A.

         All documents filed by the Registrant with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of
this Registration Statement and prior to the filing of a post-effective
amendment hereto which indicates that all securities offered have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of filing
of such documents.

Item 4.  Description of Securities.

          Not applicable.


Item 5.  Interests of Named Experts and Counsel.

          Not applicable.


Item 6.  Indemnification of Directors and Officers.

         The Articles of Incorporation and Bylaws of the Registrant contain
provisions which provide for the indemnification of directors, officers, and
other employees or agents of the Registrant properly appointed to serve in an
official capacity who while acting in good faith, in the best interests of the
Registrant, and within the scope of their offices, are or are threatened to be
named as a defendant or respondent in a civil or criminal action.  The extent of
the indemnification is limited to judgments, penalties, fines, settlements and
reasonable expenses actually incurred.
<PAGE>
 
Item 7.  Exemption from Registration Claimed.

          Not applicable.
 
Item 8.  Exhibits.
 
  *  5.1      Opinion of Eric P. Littman, P.A.
 
  * 10.1      Metro Global Media, Inc. 1998 Consultant Stock Compensation Plan
 
  * 23.1      Consent of Trien, Rosenberg, Rosenberg, Weinberg, Ciullo &
                 Fazzari, LLP

(* filed herewith)


Item 9.  Undertakings.

The Registrant hereby undertakes:

   (a)(1)  to file, during any period in which it offers or sells securities, a
post effective amendment to this registration statement to include any
prospectus required by Section 10(a)(3) of the Securities Act;

      (2)  that, for the purpose of determining any liability under the
Securities Act of 1933, to treat each post- effective amendment as a new
registration statement of the securities offered, and the offering of the
securities at that time to be the initial bona fide offering;

      (3)  to remove from registration by means of a post-effective amendment
any of the securities that remain unsold at the end of the offering.

         Insofar as indemnification for liabilities arising under the Securities
Act of 1933 (the "Act") may be permitted to directors, officers, and controlling
persons of the small business issuer pursuant to the foregoing provisions, or
otherwise, the small business issuer has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by
the Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless in the
opinion of its counsel that the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final jurisdiction of such issue.
<PAGE>
 
                              S I G N A T U R E S

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf, in the City of Cranston, State of Rhode
Island, on November 23, 1998.

                                            METRO GLOBAL MEDIA, INC.

                                            By: /s/ A Daniel Geribo
                                               ---------------------------
                                               A. Daniel Geribo, President


      Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.

Signature                           Title                           Date
---------                           ------                         -----


/s/ A. Daniel Geribo                President                November 23, 1998
--------------------                (principal executive
A. Daniel Geribo                    officer) and Director



/s/ Alan S. Casale                  Director                 November 23, 1998
------------------                                                            
Alan S. Casale
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 8805}]
{"company-data": {"conformed-name": "METRO GLOBAL MEDIA INC", "cik": "0000838803", "assigned-sic": "7812", "irs-number": "650025871", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-68305", "film-number": "98763481"}, "business-address": {"street1": "1060 PARK AVE", "city": "CRANSTON", "state": "RI", "zip": "02910", "phone": "4019427876"}, "mail-address": {"street1": "1060 PARK AVE", "city": "CRANSTON", "state": "RI", "zip": "02910"}, "former-company": {"former-conformed-name": "SOUTH POINTE ENTERPRISES INC", "date-changed": "19940310"}}
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                 FORM S-8

            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                           METRO GLOBAL MEDIA, INC.
                ----------------------------------------------
                (Name of small business issuer in its charter)

            DELAWARE                                      65-0025871
            --------                                      ----------
  (State or other jurisdiction                         (I.R.S. Employer
of incorporation or organization)                     Identification No.)

        1060 Park Avenue, Cranston, Rhode Island             02910
        ----------------------------------------             -----
        (Address of principal place of business)           (zip code)

        Metro Global Media, Inc. 1998 Consultant Stock Compensation Plan
        ----------------------------------------------------------------
                            (Full title of the plan)

                                A. Daniel Geribo
                               -----------------
       1060 Park Avenue, Cranston, Rhode Island 02910  Tel: 888-463-8764
       -----------------------------------------------------------------
           (Name, address and telephone number of agent for service)

                        CALCULATION OF REGISTRATION FEE
Proposed
                                           Proposed            maximum
Title of securities     Amount to be    maximum offering  aggregate offering    Amount of
to be registered         registered     price per share         price         Registration Fee
Common Stock          500,000(2)         $2.75            $1,375,000          $412.50
   Common Stock          500,000(3)         $n/a             $n/a                $n/a (4)
   Common Stock          500,000(3)         $n/a             $n/a                $n/a (4)
(1)  Estimated pursuant to Rule 457(c) and 457(h) solely for the purpose of
     calculating the Registration Fee, which is based on the average of the high
     and low prices of the Company's Common Stock on September 18, 1998, as
     reported by NASDAQ.

(2)  Represents the maximum number of shares to which options may be granted
     under the Metro Global Media, Inc. 1998 Employee Stock Purchase Plan (the
     "Plan").

(3)  Represents the same shares described on the line above, which may be
     resold by the holders of options issued under the Plan.

(4)  Pursuant to Rule 457(h)(3), no additional fee is payable since these
     shares, which may be offered for resale, are the same shares being
     registered hereby upon their initial issuance pursuant to the Plan.
PART II

                 INFORMATION REQUIRED IN REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference

         The following documents which have been heretofore filed with the
Securities and Exchange Commission (the "Commission") by the Registrant (File
No. 0-21634) pursuant to the Securities Exchange Act of 1934 (the "Exchange
Act") are incorporated by reference in this Registration Statement:

         (1)     The Registrant's Annual Report on Form 10-KSB for the fiscal
year ended May 31, 1998;

         (2)     All other reports filed by the Registrant with the Commission
pursuant to Section 13(a) or Section 15(d) of the Exchange Act since the end of
the fiscal year covered by the Registrant's Annual Report referred to above; and

         (3)     The description of the Common Stock of the Registrant contained
in the Registrant's Registration Statement on Form 8-A.

         All documents filed by the Registrant with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of
this Registration Statement and prior to the filing of a post-effective
amendment hereto which indicates that all securities offered have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of filing
of such documents.

Item 4.  Description of Securities.

          Not applicable.

Item 5.  Interests of Named Experts and Counsel.

          Not applicable.

Item 6.  Indemnification of Directors and Officers.

         The Articles of Incorporation and Bylaws of the Registrant contain
provisions which provide for the indemnification of directors, officers, and
other employees or agents of the Registrant properly appointed to serve in an
official capacity who while acting in good faith, in the best interests of the
Registrant, and within the scope of their offices, are or are threatened to be
named as a defendant or respondent in a civil or criminal action.  The extent of
the indemnification is limited to judgments, penalties, fines, settlements and
reasonable expenses actually incurred.
Item 7.  Exemption from Registration Claimed.

          Not applicable.
 
Item 8.  Exhibits.
 
  *  5.1      Opinion of Eric P. Littman, P.A.
 
  * 10.1      Metro Global Media, Inc. 1998 Consultant Stock Compensation Plan
 
  * 23.1      Consent of Trien, Rosenberg, Rosenberg, Weinberg, Ciullo &
                 Fazzari, LLP

(* filed herewith)

Item 9.  Undertakings.

The Registrant hereby undertakes:

   (a)(1)  to file, during any period in which it offers or sells securities, a
post effective amendment to this registration statement to include any
prospectus required by Section 10(a)(3) of the Securities Act;

      (2)  that, for the purpose of determining any liability under the
Securities Act of 1933, to treat each post- effective amendment as a new
registration statement of the securities offered, and the offering of the
securities at that time to be the initial bona fide offering;

      (3)  to remove from registration by means of a post-effective amendment
any of the securities that remain unsold at the end of the offering.

         Insofar as indemnification for liabilities arising under the Securities
Act of 1933 (the "Act") may be permitted to directors, officers, and controlling
persons of the small business issuer pursuant to the foregoing provisions, or
otherwise, the small business issuer has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by
the Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless in the
opinion of its counsel that the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final jurisdiction of such issue.
S I G N A T U R E S

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf, in the City of Cranston, State of Rhode
Island, on November 23, 1998.

                                            METRO GLOBAL MEDIA, INC.

                                            By: /s/ A Daniel Geribo
                                               ---------------------------
                                               A. Daniel Geribo, President

      Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.

Signature                           Title                           Date
---------                           ------                         -----

/s/ A. Daniel Geribo                President                November 23, 1998
--------------------                (principal executive
A. Daniel Geribo                    officer) and Director

/s/ Alan S. Casale                  Director                 November 23, 1998
------------------                                                            
Alan S. Casale