MGM confirms it’s up for sale
The Daily Maverick reported recently that MGM (currently owned by Sony, Comcast and several private equity firms) was in trouble and would probably have to be sold. And indeed, MGM announced on Friday that it is officially on the market. CEO Stephen Cooper announced that MGM creditors had agreed in principle on the deal to peddle the heavily-indebted company (more than $4 billion at the latest count). MGM owns a 4,000-film library (including the James Bond franchise rights) and is expected to fetch, according to experts, between $1.5 billion to $3 billion. Of all the possible suitors, former big competitors TimeWarner (the current owner of MGM’s pre-1986 library, through Turner Enterprises) and 20th Century Fox are most mentioned. Read more: New York Times
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