Register  |   Log In  |  
Sign up to our weekly newsletter    
Search   
Empire Magazine and iPad
Follow Me on Pinterest YouTube Tumblr
Empire
Trending On Empire
The Big 2015 Movie Preview
The 50 Best Films Of 2014
Review Of The Year 2014
Subscribe: The January Sale!
Try 3 issues of Empire magazine for just £1
Must-Have Movie Collectibles
Bid on some classic memorabilia
Movie News

LATEST HEADLINES
YESTERDAY
Fox Planning Live-Action X-Men TV Series
The mutants could be headed to the small screen
Mission: Impossible 5 Moved Up To July
Christopher McQuarrie will deliver a little earlier than expected...
Emma Watson Signs For Beauty And The Beast
She'll be director Bill Condon's guest
Chris Weitz Hired For Gareth Edwards' Star Wars Stand-Alone
He'll write the new draft of the script
David Tennant Will Be Zebediah Kilgrave
In Marvel/Netflix's A.K.A. Jessica Jones
Empire's Avengers: Age Of Ultron Covers Are Here
The Ultrinos are mutating...
David Oyelowo In Negotiations For Hurricane Katrina Film
A likely reunion with Selma writer/director Ava DuVernay
Adam Sandler Rounds Up His Ridiculous Six
Taylor Lautner, Nick Nolte and more lined up for his first Netflix pic
Amr Waked Heads For Geostorm
Lucy co-star onboard Gerard Butler thriller
Julianne Moore And Eddie Redmayne Win At The Screen Actors Guild Awards
Birdman nabs ensemble
Quentin Tarantino Adds Three To The Hateful Eight
As shooting starts... Probably literally.
Kaya Scodelario May Set Sail For Pirates 5
UPDATE: Jerry Bruckheimer reveals she's on board
Warner Bros. Aims For The Jetsons Again
The latest attempt is animated
New Westworld Image Arrives
And Jonah Nolan talks his plans for the series
Luke Evans Officially Off The Crow Reboot
He's left the nest
Knock Knock Teaser Trailer Online
Keanu Reeves shouldn't answer the door...
American Sniper Still Atop US Box Office
While Mortdecai flops badly
More Movie News

RELATED NEWS
31 March 2014
David Silverman Directing New Pink Panther Movie
The actual panther this time, not Inspector Clouseau
More Movie News

RELATED REVIEWS
The Hobbit: An Unexpected Journey (2012)
Empire Star Rating
The Pink Panther (1963)
Empire Star Rating
More new cinemas releases
DVD & Blu-ray releases

Time Warner Pulls Out Of MGM Deal
Way now clear for Sony to snap up ailing giant

14 September 2004  |  Written by   

submit to reddit

After months of negotiations both intense and quite frankly far too boring to discuss here previously, the future of MGM – one of the greatest studios in Hollywood history – looks to have been decided today, after Time Warner pulled out of the bidding, leaving the way clear for Sony to snap up the home of the world-famous lion logo.

Sony has now agreed a deal, in principle, to buy Metro-Goldwyn-Mayer for $2.94 billion in cash and $1.95 billion in assumed debt – a price that forced Warners to drop their bid, describing the final price as less than ‘prudent’.

Richard Parsons, Time Warner Chairman and Chief Executive Officer, said: "Although MGM is a valuable asset, we have decided to withdraw our bid. As we pledged to our shareholders, we approach every potential acquisition with strict financial discipline.”

But wait, there’s more. “Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity,” he continued. “We are confident that there are other capital allocation choices that will enable us to continue to build shareholder value."

Despite its reduced output of latter years, MGM is still a hot property due to the number of lucrative franchises in its stable (James Bond, The Pink Panther series, including the forthcoming remake and, erm, Legally Blonde) and its highly valuable DVD back catalogue, including the Rocky series. It also holds the rights to blockbuster-in-waiting The Hobbit, although that movie’s future is uncertain, particularly where Peter Jackson is concerned.

Sony’s offer amounts to $12 a share. Time Warner’s was a clean, all-cash $11 per share. The deal has still to be fully ratified, although Sony have already paid MGM a non-refundable deposit of $150 million, so it’s pretty certain that the I’s will be dotted and the T’s will be crossed. If the deal goes through, it’ll mark the third time that MGM’s billionaire owner, Kirk Kerkorian, has bought or sold the studio. Don’t be surprised if he tries to buy it back on eBay, then.

Have Your Say
To comment on this, and all articles, register for free or login now.

World Exclusive: The New Wall-E Trailer
This kicks shiny metal butt!
Heathers Director And Star Reunite
Ryder and Lehmann go again


CURRENT HIGHLIGHTS
20 Sitcom Spin-Offs That Were Doomed To Fail
From Joey to Ally and back again…

Jessica Chastain Takes The IMDbunker
The Most Violent Year star takes our most random quiz

Five Impressive Oscar Isaac Roles You Didn't Realise Were Oscar Isaac
Welcome to Oscar season...

Johnny Depp And Paul Bettany Talk Mortdecai
How good is your 'Mortdecai face'?

Fables: A Primer
An introduction to Bill Willingham’s wonderfully dark fairy-tale world

12 Hitchcock Remakes Ranked From Best To Worst
Lifeboat in space, anyone?

From Mission: Impossible To Mortdecai: Writer/Director David Koepp Talks Screenwriting
What would you do if you were in charge of the Spider-Man franchise?

Subscribe to Empire magazine
Get 12 Issues Of Empire For Only £25!

Get exclusive subscriber-only covers each month!

Subscribe today

Subscribe to Empire iPad edition
Get The Empire iPad Edition Today

Subscribe and save maney on annual digital subscription

Subscribe today
Buy single issues

Get 12 issues of Empire for just £25!
Get exclusive subscriber-only covers each month Subscribe today!
Empire's Film Studies 101 Series
Everything you ever wanted to know about filmmaking but were afraid to ask...
The Empire iPad Edition
With exclusive extras, interactive features, trailers and much more! Download now
Home  |  News  |  Blogs  |  Reviews  |  Future Films  |  Features  |  Interviews  |  Images  |  Competitions  |  Forum  |  iPad  |  Podcast  |  Magazine Contact Us  |  Empire FAQ  |  Subscribe To Empire  |  Register
© Bauer Consumer Media Ltd  |  Legal Info  |  Editorial Complaints  |  Privacy Policy  |  Bauer Entertainment Network
Bauer Consumer Media Ltd (company number 01176085 and registered address 1 Lincoln Court, Lincoln Road, Peterborough, England PE1 2RF)