Metro-Goldwyn-Mayer Inc. has told the Securities and Exchange Commission it
is for sale.
In its annual report to the SEC, the studio said: 'We believe MGM should,
through business combinations or other strategic alternatives, either grow into
or become part of a larger, vertically integrated organization in order to
maximize the value of MGM's assets.'
While there's been speculation that the company has talked to companies
including Vivendi Universal S.A., USA Networks Inc., NBC and even Paxson
Communications Corp., MGM stressed in its filing that no deal as been done, nor
is one a foregone conclusion.
Separately, the company said, a 10-year license agreement with Turner
Broadcasting System Inc. for close to 850 film and TV titles will expire
gradually between 2002 and 2005.