Sony to buy MGM as Time Warner withdraws

UpInArms

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Mon Sep-13-04 04:40 PM
Original message

Sony to buy MGM as Time Warner withdraws

http://www.reuters.co.uk/newsPackageArticle.jhtml?type=businessNews&storyID=582625§ion=finance

PHILADELPHIA (Reuters) - A bidding group headlined by Sony Corp has agreed in principle to buy Hollywood film studio Metro-Goldwyn-Mayer for nearly $5 billion (2.8 billion pounds), after rival bidder Time Warner Inc. withdrew from the auction.

Comcast Corp., the biggest U.S. cable operator, will join the investors working with Sony on the deal, a source close to the discussions said. Comcast could not immediately be reached for comment.

Sony and its partners will pay $12 a share for MGM and assume slightly less than $2 billion in debt as part of the agreement, sources close to the deal said on Monday.

MGM's library of more than 4,000 films, including the James Bond, Pink Panther and Rocky movies, is considered its crown jewel -- one that could generate solid revenue for a new owner that could reformat the films for sale in the hot DVD market.

MGM's film studio is considered a less-sparkling asset that sources have said may ultimately be shut down.

...more...

There goes another piece of US in assets to the Japanese. Wave bye-bye :hi:

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PROGRESSIVE1

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Mon Sep-13-04 04:43 PM
Response to Original message

1. Better it go to Japan than to another Right Wing American Corporate...

Mediawhore outlet!

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indepat

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Mon Sep-13-04 04:51 PM
Response to Reply #1

3. By jove, I think you are on to something

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Protected

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Mon Sep-13-04 04:45 PM
Response to Original message

2. Sony is a horrible company

Their electronics are garbage and their home video department doesn't have a clue.

Sorry, I'd rather have Time Warner own these films. At least they know how to treat them properly, unlike Columbia Tristar.

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movonne

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Mon Sep-13-04 05:09 PM
Response to Reply #2

5. Yes, Time Warner =CNN

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Beaverhausen

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Mon Sep-13-04 05:14 PM
Response to Reply #5

6. Don't equate Warner Bros. Films with CNN

They don't have a whole lot to do with each other.

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nolabels

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Mon Sep-13-04 04:54 PM
Response to Original message

4. Why do I feel that the only place anybody will get scewed in any ........

of these deals is if they are consumers? :eyes:

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