MGM Refutes Sale Rumors

LOS ANGELES, August 26:
Metro-Goldwyn-Mayer (MGM) Studios is rejecting rumors that it is up for sale,
noting that its current shareholders are “committed to the future growth” of
the company.

In a statement late
yesterday, MGM stated that there is no “asking price” for the studio and that
its “existing financing arrangements are sufficient to meet its needs.” The
studio has, however, retained Goldman, Sachs to “explore enhancements” to its
long-term capital structure, as it copes with a reported $3.7 billion debt.

The studio’s statement
concludes: “All of the MGM shareholders, including Providence Equity Partners,
TPG, Sony Corp. of America and Comcast Corp., are pleased with the company's
current momentum and committed to the future growth of the studio.”

—By Mansha Daswani