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Toonami Infolink :: View topic - Sony to merge with MGM?
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Word has leaked out that Sony Corp. is in talks to buy Metro-Goldwyn-Mayer Inc. for a cash deal valued at approximately $5 billion, according to AP and other news organizations. Sony and two private firms, Providence Equity Partners and Texas Pacific Group, have been examining MGM's books in anticipation of an offer that might take place in several weeks.
A deal would likely fold MGM into Sony Pictures Ent. and expand Sony's film library with an additional 4,200-plus titles, including lucrative United Artists franchises such as James Bond and the Pink Panther.
Late Wednesday, MGM announced that its board will vote next week on management's recommendation to pay a one-time special dividend of $8 per share, which would provide a $1.4 billion windfall to investor Kirk Kerkorian, who owns 74% of the company.
News of the talks sent MGM shares surging nearly 12% on Wednesday, or $2.10, to close at $19.75. The stock gained another 5 cents in after hours trading.
Time Warner doesn't have the cash, and MGM needs a more solid international distribution scheme.
Otherwise, does Sony really need another crappy studio under their umbrella? _________________ "When I became a man, I put away childish things, including the fear of childishness and the desire to be very grown up."- C.S. Lewis
"Superman can't be emo. He can't cut himself."-CP
Fri Apr 23, 2004 1:58 am
Daikun
Joined: Nov 02, 2002
Post subject:
A merger between MGM and Time Warner would've been even more hellish than the AOL merger, as well as damn-near monopolistic, maybe even beyond it, since the company is so damn overbloated it could lead to a possible bankruptcy, and we don't want that now, do we? It's a good thing they dropped it.
Besides, it's not like TW subsidiary Turner Broadcasting already owns MGM's backlog anyway, giving them the indefinite rights to MGM's properties. Who needs a purchase?
Fri Apr 23, 2004 4:05 am
John_Bono_Smithy_Satchmo
Joined: Nov 13, 2002
Post subject: Re: Sony to merge with MGM?
Daikun wrote:
Thoughts?
Shouldn't this have gone in the misc babble forum? _________________ This space left intentionally blank.
Fri Apr 23, 2004 9:20 am
Andromaton
Joined: Nov 17, 2003
Post subject:
misc babble it is.
Fri Apr 23, 2004 1:08 pm
Daikun
Joined: Nov 02, 2002
Post subject:
I Emailed this news to Jeff Harris a while back. Here's his take on it:
Quote:
You know what's weird about MGM? A good 70% of their classic library (including the acquisitions they made like Citizen Kane and King Kong and the classic MGM shorts) isn't even owned by them (they're owned by Turner Entertainment). The United Artists library (which includes the James Bond and Rocky franchises and most of The Pink Panther), the Indy-produced MGM titles, the American International library, and the MGM titles made after Turner bought the studio for 74 days (Ever seen that MGM: When The Lion Roared mini-series hosted by Patrick Stewart? Pretty good documentary showing the rise and fall of the studio.), including movies like Species, Legally Blonde, Stargate, and Barbershop franchises.
But more importantly is that this will be the second "Golden Age of Hollywood" studio Sony has bought (Sony bought Columbia Pictures from Coca-Cola and the remaining stakes that Columbia didn't own in Tri-Star from CBS and HBO).
There are, of course three reasons that Sony would want to buy MGM:
1) Familiar properties that can be further used. The James Bond franchise is perhaps one of the best-known movie franchises ever made, and Sony will use these properties any way that they can. And with this year marking the 40th anniversary of The Pink Panther franchise, expect to see a blitz coming soon culminating with the new movie next year that promises to reintroduce the franchise to new viewers.
2) Increase their DVD library. DVD is the wave of the future. Everybody knows that. However, Sony has a new standard that they hope will eventually become the universal standard of the next generation of DVDs, Blu-Ray Discs. With the new standard as well as MGM's DVD authoring group, considered amongst the greatest by many fans, and the massive combined library of MGM and Sony properties, Sony's going to have fun with the acquisition.
3) The history factor. With the merger of Sony Pictures and Metro-Goldwyn-Mayer, you have a combined 150 years of Hollywood history. Both Columbia and MGM are iconic names in the golden age of Hollywood. Sony already owns historic Culver City, which was the home of many MGM productions. By unifying Columbia and MGM, two icons in Hollywood are joined by the same corporate owner.
4) The animation factor. Perhaps the most underreported factor in the rags. Sony is slowly assembling an animation library. They already own theatrical UPA shorts, a couple of animation studios in both the U.S. and Japan, and a channel called Animax in Japan. With the acquisition of MGM, they can add all the Freleng-guided animation shows and shorts, including The Inspector, Tijuana Toads, The Ant and the Aardvark, Misterjaws, Roland and Ratfink, Hoot Cloot, and, of course, The Pink Panther, and all derivatives of those franchises. Sony is currently pondering ways of showcasing their products. A Screen Gems network is currently in the planning stages, and it's not that farfetched to consider that an animation channel could be in the works. There's going to be an animation boom coming in 2005, and I think people think I'm crazy for thinking that. I could see them adapting the Animax brand for the American market, embracing both American animation and anime, which the studio is now starting to do stateside.
So, if you wanted to know what I'd think, I think that a Sony/MGM merger would make perfect sense.
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