MGM Studios says it's 'not for sale'

LOS ANGELES (AP) - Metro-Goldwyn-Mayer says it's "not for sale."

By: Associated Press | WNCT-On Your Side
Published: August 26, 2008

» Comments | Post a Comment

LOS ANGELES (AP) - Metro-Goldwyn-Mayer says it's "not for sale."
MGM is denying a report in BusinessWeek that its owners are looking to sell the studio for 5.2 billion dollars.
The company was taken private in 2005 for nearly 5 billion dollars by Providence Equity Partners, TPG, Sony and Comcast. A spokesman says the owners are committed to having the studio grow and denies there's an asking price.
MGM does say that it's retained Goldman Sachs to enhance its long-term capital structure, primarily because some 3.7 billion dollars in debt needs to be repaid in 2012.
Last year, MGM made 558 million dollars from its 4,000-title film library, but has not had a big hit recently. Subsidiary United Artists, run by Tom Cruise and Paula Wagner, flopped on its first production attempt with last year's political thriller "Lions for Lambs." It lost about 30 million dollars.

Reader Comments

*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.

Deal of the Day

Interactive Radar

Caught On Camera

Texas hotel demolition caught on tape

A hotel comes crashing to the ground, NASA gets artistic, and it's raining hot dogs...The video that will have you talking is next in Take a Look at This!