Sony's Mgm Bid Stalls
Media giant SONY's $5 billion attempt to buy Hollywood studio MGM has run into trouble.
Sony is among a number of movie heavyweights hoping to take over MGM - responsible for such epics as BEN HUR and THE WIZARD OF OZ - including rivals TIME WARNER.
But the Japanese company's chairman and CEO NOBUYUKI IDEI has publically admitted, "There are some complications. It's up to the MGM management now."
Sources believe Sony is having disagreements with its private equity partners in the deal TEXAS PACIFIC, PROVIDENCE EQUITY PARTNERS and CREDIT SUISSE FIRST BOSTON, over the structure of the company should the bid be successful.
But critics have dismissed Sony's confession as "spin". A source tells British newspaper THE GUARDIAN, "It's their spin because they are feeling the heat from Time Warner."
Sony wants MGM to expand it's filmmaking ventures to complement it's electronic division.16/07/2004 14:19