MGM seeks capital enhancement, retains Goldman Sachs

MUMBAI: Metro-Goldwyn-Mayer Studios (MGM) said on Monday that it is “not for sale”, countering a media report that the owners were looking to sell the movie company for $5.2 billion.

“Contrary to recent media reports, Metro-Goldwyn-Mayer Studios is not for sale,” the studio responded in a statement. “There is no ‘asking price‘ for the company. MGM‘s existing financing arrangements are sufficient to meet its needs.”

The studios also mentioned that it had retained Goldman Sachs to ‘explore enhancements’ to its long-term capital structure.

The film studio, which is co-owned by private equity firms TPG, Providence Equity Partners, Sony Corp. of America and Comcast, lost $400 million in its most recent fiscal year, ended March 31, according to BusinessWeek.

MGM said its shareholders are pleased with the company‘s current momentum and are committed to the future growth of the studio.