LOS ANGELES: A bidding war has broken out for Metro-Goldwyn-Mayer Inc, with Time Warner Inc offering about US$3bil in cash and stock for the venerable Hollywood studio plus the assumption of US$2bil of debt, according to newspaper reports.
The New York Times and The Wall Street Journal reported in Thursday editions that Time Warner had made a preliminary offer for MGM that rivalled overtures from Sony Corp. The reports valued the deal at US$13 cash per share for public shareholders, plus the assumption of nearly US$2bil in MGM debt. Majority shareholder Kirk Kerkorian would get US$11.50 a share in Time Warner stock under the deal, The Times said. – AP
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
