NEW YORK (CNN/Money) - Time Warner Inc. said Monday it would no longer pursue film studio Metro-Goldwyn-Meyer Inc., saying the entertainment companies failed to reach an agreement on price. "Although MGM is a valuable asset, we have decided to withdraw our bid," Dick Parsons, chief executive of Time Warner, said in a statement. "Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity." [More]