MGM Shareholders Approve Merger With Sony

Dec 17, 2004  •  Post A Comment

Shareholders in Metro-Goldwyn-Mayer on Friday approved the $4.8 billion merger that will combine MGM’s studio operations with Sony Corp. of America’s Sony Pictures Entertainment.

The nod by shareholders, secured during a special meeting held in Los Angeles, was one of the final steps in the complicated transaction, which involves a Sony-led consortium of private-equity funds and cable giant Comcast. In addition to Comcast the Sony consortium includes Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners.

With the approval of MGM shareholders secured, all that remains is clearance under the European Commission’s merger control regulations as well as the completion of the financing involved in the deal.