bild
A photo photograph showing Sony corporate headquarters in Tokyo, Tuesday 20 July 2004. A group of investors led by Sony Corp. has agreed to acquire the Hollywood film studio Metro-Goldwyn-Mayer Inc. for $5 billion, MGM said Monday. The news came hours after American media giant Time Warner Inc. dropped out of the bidding for the legendary film studio. Sony Corp. of America and its consortium partners -- Providence Equity Partners Inc., Texas Pacific Group and DLJ Merchant Banking Partners -- agreed to pay $12 in cash per MGM share plus assume the company's debt worth about $2 billion, MGM said. MGM said its management is expected to present the merger plan to its board by 27 September 2004. Earlier in the day, Time Warner decided to withdraw from the race. It offered to buy MGM for $4.5 billion to $4.6 billion. (KEYSTONE/EPA/EVERETT KENNEDY BROWN)