/ Source: Reuters
Legendary movie studio Metro-Goldwyn-Mayer Inc. is in advanced talks to be bought by Sony Corp. and two buyout firms in a deal that could be worth close to $5 billion, sources close to the deal said on Wednesday. CNBC also reported that parties were in detailed discussions.
The buyout firms, which include Texas Pacific Group and Providence Equity Partners, are in discussions with billionaire financier Kirk Kerkorian to buy his stake of more than 70 percent in MGM, sources said.
Current talks involve the three partners splitting a $1.5 billion cash payment and borrowing the rest to finance the deal, sources said.
Texas Pacific Group declined to comment. Providence Equity and MGM could not be reached for comment.
