09.20.2004 12:11 PM
MGM goes to Sony-led group for $3 billion

A consortium led by Sony has agreed in principle to acquire famed Hollywood studio Metro-Goldwyn-Mayer for nearly $3 billion.

The agreement is a coup for Sony, which until the final hours of bidding was considered the underdog to Time Warner, which dropped its offer at the last minute.

Acquiring MGM’s vast library of more than 4100 films boosts the content Sony can now offer on DVD and on portable devices. The company has also reached a distribution deal with Comcast, which would allow video on demand and new cable channels featuring Sony and MGM content.

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