Sony-led group to buy MGM

Fri., Sept. 24, 2004

Associated Press

LOS ANGELES — A consortium led by Sony Corp. that includes cable television giant Comcast Corp. has entered into a definitive agreement to acquire venerable film studio Metro-Goldyn-Mayer, the parties said Thursday.

The Sony-led group will pay $12 per share for MGM and assume about $2 billion in debt for a deal valued at nearly $5 billion.

MGM will continue to operate as a separate, private company after the deal closes next year, with Sony Pictures distributing MGM’s films and television shows as well as MGM’s valuable library of more than 4,000 films, the companies said.

Comcast, which had earlier agreed to a distribution deal with Sony, now becomes a part-owner of MGM. Comcast will use Sony Pictures’ and MGM’s vast catalog of films and TV programs to feed its nascent video-on-demand service.

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.

Sony-led group to buy MGM

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

Welcome to the future: National Restaurant show features robot baristas and sushi-makers

Amazon.com defeats appeal claiming it aided tariff evasion

James Murdoch to acquire New York Magazine and Vox Media Podcast Network