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

Contactmusic

Tags: Sony - Mgm - Warner Brothers - The Guardian


Editors Recommendations

Is The Cannes Palme d'Or Heading David Cronenberg’s Way for 'Map to the Stars'?

The Cannes Film festival is sneaking up fast. The Oscars felt like they were 8 minutes ago...

Is The Cannes Palme d'Or Heading David Cronenberg’s Way for 'Map to the Stars'?

CounterPoint Festival 2014 To Feature Hometown Return of Outkast

Next weekend's CounterPoint Festival will be the event's first year at a new 5000-acre site, featuring...

CounterPoint Festival 2014 To Feature Hometown Return of Outkast

'The Amazing Spider-Man 2' - Not Perfect, But Really, Really Fun

Superhero movies have been striving towards the almost unobtainable goal set...

'The Amazing Spider-Man 2' - Not Perfect, But Really, Really Fun

Ricky Gervais is "Hooked" on David Brent Again - Former Paper Merchant To Return

A return for David Brent has been mooted ever since the character was wheeled...

Ricky Gervais is

This Labor Day, Jay Z Is Bringing "Made In America" To Downtown Los Angeles

Jay Z and the Mayor of Los Angeles Eric Garcetti have announced that the rapper’s...

This Labor Day, Jay Z Is Bringing

Anna Wintour wants 'more exclusive' Met Ball 2014

The editor-in-chief of US VOGUE magazine is reportedly determined for the annual...

Anna Wintour - Anna Wintour wants 'more exclusive' Met Ball 2014

'Mrs Doubtfire' Sequel Will Be Made 21 Years After The Original

The comedy classic 'Mrs. Doubtfire' is reportedly set to return to the big-screen...

'Mrs Doubtfire' Sequel Will Be Made 21 Years After The Original

'Of Mice And Men' Brings Out Broadway Talents Of James Franco, Chris O'Dowd

Of Mice And Men premiered on Broadway last night, giving critics a chance to cast...

'Of Mice And Men' Brings Out Broadway Talents Of James Franco, Chris O'Dowd

Sofia Vergara On Her Menage a Trois in Woody Allen's 'Fading Gigolo'

Sofia Vergara has been speaking about her nerves at shooting a ménage a trois with...

Sofia Vergara On Her Menage a Trois in Woody Allen's 'Fading Gigolo'


More recommendations

Comments

Sony Newsletter

Subscribe to this news alert service to receive news and reviews on Sony

Unsubscribe | Unsubscribe All