22 April 2004
Sony Considering MGM Acquisition
Posted by Zane under: News .
All I can say is wow!
Sony Pictures Entertainment is in preliminary talks to buy Metro-Goldwyn-Mayer Inc., including the studio’s extensive film library, but has not made an offer, said sources familiar with the talks.
Majority MGM owner Kirk Kerkorian has been shopping the studio for years, and studios such as Sony and Warner Bros. Entertainment Inc. in recent months have expressed interest, but Kerkorian’s asking price was always considered too high.
Now, Sony is “kicking the tires” of MGM in what could amount to a $5 billion acquisition, said one Hollywood source, and exploring deal structures that would not involve a multibillion-dollar outlay from Sony, such as bringing in private investment money. Texas Pacific Group and Providence Equity Partners Inc. are involved in the talks.
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