News Corp may buy MGM

New Zealand News.Net
Sunday 22nd November, 2009

Hollywood's Metro-Goldwyn-Mayer film studio may go to a News Corp, Time Warner Inc and Qualia Capital in a joint deal.

Bloomberg News has reported the companies have asked to examine the studio's finances as an initial foray into the buyout.

MGM has been burdened by about $4 billion in debt, and said last week it might look for a buyer.

MGM said it was exploring a potential sale of the company as lenders had extended a forbearance until January 31st.

The studio faces debt obligations of $3.7 billion.

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