Sony Said to Want More Time in MGM Talks
Sony Corp. and its partners want more time to negotiate exclusively with Metro-Goldwyn-Mayer Inc. about a possible acquisition of the Los Angeles studio, sources said.
The two sides were discussing extending their talks, with Sony seeking two additional weeks after its exclusive 15-day negotiating period expired Thursday, sources said.
The sources added that no announcement was imminent about the deal. The Japanese electronics giant has indicated it may buy MGM for about $5 billion in cash and assumed debt, with DLJ Merchant Banking, Texas Pacific Group and Providence Capital enlisted as potential partners.
An acquisition would bolster Sony’s film library, which could help in its efforts to push its technology as the standard for the next generation of DVDs. The two companies had discussed merging before, but those efforts fell apart.
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