MGM headed for sale
MGM may be the best known logo in the entertainment business, but the company seems headed for another possible garage sale. Several sources say they expect that MGM will essentially be auctioned off within the next few weeks. This would mean that a major, such as Time Warner, could buy the MGM-UA library while another entity might acquire the logo, and yet another deal could be made for United Artists. Sources speculated that Kirk Kerkorian, who has already bought and sold MGM twice, might buy the logo once again.
Last summer Harry Sloan was bounced as MGM’s CEO and Stephen Cooper, a specialist in restructuring companies (Krispy Kreme was one of his projects) started meeting with bankers with the aim of restructuring some $3.7 billion in debt. There was speculation that the combined assets of MGM may now yield as little as $1.5 billion in the present market. More..Posted in Studios on November 12, 2009 by xoanon