Sony jumps on MGM after Time Warner drops bid
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A Sony-led group has a deal in principle to buy Metro-Goldwyn-Mayer for about $2.94 billion in cash and $1.95 billion in assumed debt, MGM (MGM) announced Monday evening.
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A consortium led by Japan&#39;s Sony Corporation has bought the Hollywood MGM Studio to mine MGM&#39;s lucrative library for the booming DVD market.
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Shares in the fabled movie studio jumped 70 cents, or 6%, to $12.10 yesterday as Wall Street banked on its imminent sale. Sources expect MGM&#39;s Kirk Kerkorian to sign on the dotted line this month, possibly within two weeks.
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The agreement to aquire the venerable Hollywood studio and its valuable film library was reached after Time Warner Inc. dropped out of the bidding.
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Sony Corp. is banking on the &#36;3 billion deal to acquire Hollywood studio Metro-Goldwyn-Mayer Inc. to boost lagging profits by exploiting potential link ups between its electronics and entertainment businesses.
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A group of investors led by Japan's Sony Corp. has raised its offer for Hollywood film studio Metro-Goldwyn-Mayer to nearly &#36;5 billion in an attempt to beat out rival bidder Time Warner Inc., a source close to the matter said on Monday.
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Time Warner Inc. on Monday said it  would withdraw its bid for Metro-Goldwyn-Meyer Inc., saying it  could not reach an agreement on price.
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Blog: Grouper, the site Sony paid $65 million to acquire last August, is switching names and business models.
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LOS ANGELES: MGM, which is in the process of being sold to a group headed by Sony, has insisted on a business-as-usual stance, but that business no longer involves the immediate production of a new James Bond movie.
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NEW YORK (Kyodo) A group of investors led by Sony Corp. said Thursday it has finalized a $4.9 billion acquisition deal with Hollywood film studio Metro-Goldwyn-Mayer Inc.
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A bidding group headlined by Sony  Corp. 6758.T agreed in principle to buy Hollywood film studio  Metro-Goldwyn-Mayer MGM.N for nearly $5 billion on Monday,  after rival bidder Time Warner Inc. TWX.N withdrew from the  auction.
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MGM, the beleaguered Hollywood studio currently being acquired by a consortium of buyers led by Sony Pictures, will continue to co-produce movies as a private company once the takeover is complete.
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Film studio Metro-Goldwyn-Mayer Inc. Tuesday reported a net loss in the third quarter on lower revenue as the company prepares to be purchased by a consortium led by Sony Corp.
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A group led by Sony of America reached a tentative agreement to buy Metro-Goldwyn-Mayer for about $4.8 billion in cash, taking it from Time Warner at the 11th hour.
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Japanese consumer electronic giant Sony is hoping to close a deal that will give it control of the famed MGM studio in the United States.
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Shares of Toshiba Corp jumped 5 percent on Monday as analysts applauded the company's expected move to abandon its HD DVD format, leaving Blu-ray technology backed by Sony Corp to become the standard for the next-generation DVD.
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Time Warner Inc., the world&#39;s largest media company, withdrew its bid for Metro-Goldwyn-Mayer Inc. after it could not reach agreement on the price of the film studio controlled by billionaire investor Kirk Kerkorian.