[opendtv] News: Sony Confirms Exclusive Talks To Buy Metro-Goldwyn-Mayer
- From: Craig Birkmaier <craig@xxxxxxxxx>
- To: OpenDTV Mail List <opendtv@xxxxxxxxxxxxx>
- Date: Wed, 19 May 2004 08:49:20 -0400
Sony Confirms Exclusive Talks To Buy Metro-Goldwyn-Mayer
A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
May 19, 2004 7:32 a.m.
TOKYO - Consumer-electronics giant Sony Corp. said it is in exclusive
talks to buy Metro-Goldwyn-Mayer Inc. and its fabled film studio.
"We are in the stage of exclusive negotiations," Howard Stringer,
Sony vice chairman and chief operating officer in charge of
entertainment, said Wednesday at a company strategy briefing in Tokyo.
The Wall Street Journal reported earlier this month that a Sony-led
bidding group was granted an exclusive negotiation period to discuss
buying MGM.
Bringing together the electronics sector with movies, music and other
entertainment has long been the pillar of Sony's vision. MGM, the
subject of on-and-off takeover speculation for years, is coveted for
its enormous library of old movies and television shows, including
the "Pink Panther" and "Rocky" series. MGM also produces the "James
Bond" films.
Sony, based in Tokyo, and its private-equity partners have been
negotiating for several weeks. Other potential bidders, including
Time Warner Inc. and General Electric Co.'s NBC television network,
have considered weighing in. One person familiar with Time Warner's
thinking said earlier this month that the company isn't interested at
the prices being discussed, and it is unclear how serious NBC is.
MGM is believed to be seeking $5 billion, including the assumption of
$2 billion of debt. For nearly two years, MGM has been seeking to
become larger through an acquisition or merger. The company, which is
74% owned by billionaire Kirk Kerkorian, made an unsuccessful bid for
Universal Studios last year.
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