George S. May Business Blog

MGM loooking for a buyer

In a statement Friday, Metro-Goldwyn-Mayer Inc. announced that it is “exploring strategic options”, including a possible sale.

The debt riddled company said it is also interested in strategic partnerships and that its lenders have agreed to look for outside investors for a new partnership.

The lenders have agreed to grant MGM another respite until Jan. 31 from interest payments on its more than $3.7 billion US in debt.

The vice-chairman of Lions Gate Entertainment Corp., Michael Burns, has stepped forward and expressed interest in buying MGM, but noted that ”It’s all about price”.

Time Warner and Viacom are also expected to step forward as potential buyers. MGM is expected to open its books to interested parties in the next few days.

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