Sony Is Said to Have Exclusive Look at MGM
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Sony Corp. has been given an exclusive window to evaluate Metro-Goldwyn-Mayer Inc. in more detail, with an eye toward a possible acquisition of the studio, sources said.
Under an agreement reached Thursday, Sony would have 15 business days from the time it receives the proprietary information from MGM -- notably about DVD distribution -- without competition from other suitors. Sony demanded exclusivity before proceeding further. Time Warner Inc. has also expressed some interest in making a deal for MGM.
The most recent scenario involves a proposed $5-billion acquisition of MGM by Sony in partnership with DLJ Merchant Banking, Texas Pacific Group and Providence Capital Inc.
Analysts and executives involved in the talks remain divided on the likelihood of a sale. Both sides declined to comment.
-- James Bates and Claudia Eller
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