MGM Studios says it is 'not for sale'

August 25, 2008 1:44:21 PM PDT
Metro-Goldwyn-Mayer Studios Inc. says it is "not for sale" following a report in BusinessWeek Saturday that MGM's owners were looking to sell the movie company for $5.2 billion. The studio was taken private for nearly $5 billion in 2005 by Providence Equity Partners, TPG, Sony Corp. of America and Comcast Corp.

The company said its owners were committed to growing the studio and denied there was an asking price.

MGM did say, however, that it has retained Goldman Sachs to enhance its long-term capital structure.

Billionaire Kirk Kerkorian, who bought and sold the studio several times over the years, reportedly offered $3 billion for it through Tracinda Corp. but the offer was dismissed.

A Tracinda spokeswoman had no comment.


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