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MGM on the Block?
Once again, Metro-Goldwyn-Mayer is up for sale. The asking price for the storied studio: a whopping $7 billion, according to the Los Angeles Times.
MGM, which once upon a time was known for featuring "more stars than there are in heaven," has struggled to churn out hits in recent years; its main worth lies in its extensive film library.
But oh what a library. Rival studios would love to get their hands on MGM's catalog of 1,400-plus titles, among them Clint Eastwood's spaghetti Westerns (including, appropriately enough, A Fistful of Dollars), Arnold Scharzenegger's The Terminator and Mel Gibson's Mad Max, in addition to The Graduate, Some Like It Hot, Annie Hall, Moonstruck, Fargo, When Harry Met Sally, The Usual Suspects and Legally Blonde. The studio also has a number of very profitable franchises, including the Rocky saga, James Bond adventures, the Pink Panther capers and the Silence of the Lambs thrillers.
But the Times reports that while the investment banking firm Goldman Sachs is soliciting bids, no takers have stepped up. Apparently, conglomerates like Viacom, Walt Disney, Vivendi Universal, News Corp. and AOL Time Warner think the asking price is too high.
Wall Street sets MGM's current value at around $5 billion. Shares closed on Monday at $19.88, down 50 cents on the New York Stock Exchange. Chairman and chief stockholder Kirk Kerkorian wants at least $30 a share.
Of course, the behind-the-scenes drama at MGM is more compelling than most of the studios recent releases. Bought and sold more often than even an ardent movie fan is interested in counting, MGM is presently controlled by Kerkorian, who has owned the studio three times.
The billionaire has utilized MGM's high profile for extensive deal-making and acquisition since his first purchase in 1969. He sold it to that other maverick tycoon Ted Turner in 1986, but bought most of it back when Turner had financial problems. (Turner however managed to hang on to some 300 film titles, including the endlessly profitable rerun favorite Gone with the Wind.)
Kerkorian now has an 80 percent stake in MGM after headlining a $1.3 billion buyout in 1996 from Credit Lyonnais, the French bank that had taken over the studio in 1992 in an effort to right the wrongs of previous owner, Italian moneyman Giancarlo Parretti, who is currently under indictment for allegedly acquiring the studio through false business transactions.
In recent years, Kerkorian has also snapped up the Mirage Resort hotels in Las Vegas, Orion Pictures and the film library of PolyGram Pictures. MGM also paid $825 million for a 20 percent stake in four national cable channels, including Bravo and American Movie Classics.
Despite all the dealing, MGM remains a relatively small player in Hollywood, unable to compete on equal footing with newly merged media giants with extensive worldwide film and TV production and broadcast and cable outlets. Kerkorian is looking to sell to one of the conglomerates, seeking a tax-free stock transaction for a stake in the purchasing company.
Of course, Kerkorian might need some quick cash. His ex-wife, former tennis pro Lisa Bonder Kerkorian--who had a 10-year romance with the tycoon but was only married to him for a month--just announced she is seeking a record amount of child support for their 3-year-old daughter.
Her asking price: $320,000 a month.
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