Business Diary: Blockbuster MGM buy-out.
JAPANESE electronics giant Sony is to buy Hollywood studio MGM for nearly pounds 1. 7bn.
The deal marks the last chapter in the history of two of Hollywood's most famous names -- Metro Goldwyn Mayer, once best known for its musical hits like Singing In The Rain and its subsidiary, United Artists, the studio founded in 1919 by Charlie Chaplin, Mary Pickford, Douglas Fairbanks and DW Griffith.
The agreement is a coup for Sony, which as late as Sunday was considered the underdog in the bidding to Time Warner, which dropped its offer on Monday.
Acquiring MGM's vast library of more than 4, 100 films, including West Side Story, Rocky and Rain Man, boosts the content Sony can now offer on DVD and on portable devices, many of which Sony makes.
Sony also announced that it has reached a distribution deal with Comcast, the largest cable TV provider in the US, that would allow video on demand and new cable channels featuring Sony and MGM content.
With the arrival of broad band in homes around the world, people are increasingly expected to enjoy movies on internet-linking equipment in their living rooms.
MGM said its management will recommend the deal, subject to regulatory approval, to its board by September 27.
Tomorrow One-day workshop on Marketing for SMEs. Conwy Business Centre, Llandudno Junction. Ring 01492 574574.
Business planning course. Enterprise Centre, Arran Road, Dolgellau. 6. 30-9pm. Contact Sian Owens on 01766 772948.
Free Antur Dwyryd Llyn seminar Effective Marketing. Conwy Business Centre, Llandudno Junction. 6-8pm. Ring 01766 772948.
Monday RJ Training course on Microsoft Outlook. pounds 90. In Tec, Parc Menai, Bangor. Contact 01248 672640.
Tuesday Free Antur Dwyryd Llyn seminar What's in the Box? IT. Conwy Business Centre, Llandudno Junction. 6-8pm. Ring 01766 772948.
Women's Development. Week one of five day RJ Training programme. In Tec, Parc Menai, Bangor. Cost pounds 380. Ring 01248 672640.
September 21-23 10 am -4pm Mentec, Bangor. Business planning course. Contact Sian Owens on 01766 772948.
September 22 Free Business Start-up Seminar hosted by Barclays Bank. Llangefni, 10am. Ring 0800 515 462.
Free Antur Dwyryd Llyn seminar . . . Through the Square Window. Conwy Business Centre, Llandudno Junction. 6-8pm. Ring 01766 772948.
ILM -- Team Leader Certificate. Week one of five day RJ Training programme. In Tec, Parc Menai, Bangor. Cost pounds 385. Ring 01248 672640.
The famous lion at the MGM Grand hotel in Las Vegas. The American film giant is to be purchased by Japanese multicorporation Sony
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|Publication:||Daily Post (Liverpool, England)|
|Date:||Sep 15, 2004|
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