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The company, which is 74 percent owned by billionaire Kirk Kerkorian, made an unsuccessful bid for Universal Studios last year 4 billion windfall for Kerkorian A representative from Providence Equity Partners did not return a call seeking comment Sony in Talks to Buy MGM for $5 Billion Apr 21, 6:48 PM EST Sony Corp in a cash deal valued at around $5 billion, a source familiar with the talks said Wednesday News of the discussions sent MGM shares surging nearly 12 percent, or $2 Unable to strike a deal, MGM said recently it would pay a one-time special dividend of $8 per share, which would net a $1 MGM has been shopping itself around for nearly two years, seeking to become larger either through an acquisition or merger It is not known what would become of the MGM and United Artists labels Late Wednesday, MGM reaffirmed its plans to have its board vote as early as next week on management's recommendation to pay the dividend is in talks to acquire film studio Metro-Goldwyn-Mayer Inc " It also produces the popular "James Bond" series of films 10, to close at $19 If the deal goes through, it will reunite MGM with the backlot it once owned and where historic films such as "Gone With the Wind" were shot MGM sold its backlot to Sony years ago 75 Wednesday on the New York Stock Exchange Sony would likely fold MGM into its Sony Pictures Entertainment division The company is the only major studio without its own soundstages or permanent sets The stock gained another 5 cents in after hours trading Earlier reports had speculated MGM would defer the dividend in view of the Sony offer MGM has struggled with its feature film slate in recent years, producing occasional hits such as "Legally Blonde" and "Barbershop Shares of Sony fell 28 cents to close at $41 It also produces television shows, including "Stargate SG1" and "She Spies," and operates cable channels around the world Sony is likely interested in acquiring MGM's library of more than 8,000 titles, including the "Pink Panther" series Sony would join with private equity firms Texas Pacific Group and Providence Equity Partners to buy the legendary studio, the source said Representatives from Sony Pictures, MGM and Texas Pacific Group declined to comment 95 on news of the deal, which was first reported Wednesday afternoon by The Wall Street Journal He'll play the father of Katey Sagal's widowed Cate Hennessy, who comes to support his daughter and three teenage grandchildren as they face the realities of becoming a single-parent family " His films include "Space Cowboys" and "Murphy's Romance Garner will help the transition to a new focus â€â€? a family coping with the sudden loss of its patriarch Garner won an Emmy for the '70s drama series "The Rockford Files " The 75-year-old Garner, who starred in the '50s "Maverick" TV series, will guest star in four episodes, his publicist, Jennifer Allen, said Thursday Ritter, who died of a heart ailment last month, played a harried dad and newspaper columnist on the show Production on the first post-Ritter episode will begin Monday, and the first Garner episode will air during the November ratings sweep period James Garner to Guide Post-Ritter 'Rules' Oct 16, 1:37 PM EST James Garner is taking on what is likely one of the television season's most challenging roles: steering ABC's "8 Simple Rules for Dating My Teenage Daughter" through the transition of John Ritter's death |
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