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Monday, August 25, 2008

MGM Studios 'not for sale'

Metro-Goldwyn-Mayer Studios Inc. said Monday it is "not for sale" following a report in BusinessWeek that MGM's owners were looking to sell the movie company for US$5.2 billion.The studio was taken private for nearly $5 billion in 2005 by Providence Equity Partners, TPG, Sony Corp. of America and Comcast Corp.It has retained Goldman Sachs to enhance its long-term capital structure.Last year, it made $558 million from its 4,000-title film library, but has yet to deliver a big hit.

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