By John M. Higgins -- Broadcasting & Cable, 9/13/2004 10:12:00 AM MT
Sony Corp. is securiing new backing in the auction for Metro-Goldwyn-Mayer Inc., spurring rival bidder Time Warner Inc. to drop out of the contest.
Time Warner withdrew its $11 per share offer saying in a statement that it couldn't reach a price "that would have represented a prudent use" of its assets.
Controlling shareholder Kirk Kirkorian has been looking to sell the studio for five months, making it the third time he has sold the company over the past thirty years.
Sony’s consortium, which also includes Texas Pacific Group and Providence Equity Partners, is expected to add at least one new partner and raise its bid to $3.9 billion -- including assumed debt -- or $12 a share.
Both groups are primarily after MGM’s 4,000 title film library for recycling through the DVD business.
Fox Business Network begins broadcasting from its new high-tech Studio G, overlooking Manhattan from the 3rd floor of News Corp. headquarters, on April 20. B&C got an early peek at the new space.
Created from the merger between Anystream and Voxant Media, Grab Networks offers a comprehensive video operating system and syndication network for profitably publishing video anywhere on the Internet. The system automatically manages, transcodes...
more
Akamai provides market-leading managed services for powering rich media, dynamic transactions, and enterprise applications online. Having pioneered the content delivery market one decade ago, Akamai's services have been adopted by the world's most...
more
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD...
more
A leader in online technology, content & revenue solutions, WorldNow is the only company to provide comprehensive technology platforms & strategic advertising services, enabling media companies to expand to the digital realm with innovative Web...
more
