M.G.M.- “Moving Gobs of Money”

15 Jul 2003

Metro-Goldwyn-Mayer Inc. (MGM) is attempting to speed up the auctioning of Vivendi Universal SA’s entertainment assets in the US by greatly increasing their bid. Earlier this month, Vivendi informed all five contenders that they must increase their bids to over US11 billion to compete in the auction. MGM executives have increased their offer to US11.5 billion, contingent on the release of more detailed information regarding Vivendi’s film properties, cable networks and contract terms with partners by close of business on 21 July. Also on the list of MGM’s demands is an agreement for the acquisition to take place within 30 days of receiving the information.