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European Commission Approves Sony’s Purchase of MGM

Mar 30, 2005  •  Post A Comment

The European Commission on Wednesday approved the $4.8 billion acquisition of Metro-Goldwyn-Mayer by a Sony Pictures Entertainment-led consortium primarily of private equity players.

According to a statement released by the company, the EC granted unconditional approval to the deal, in which MGM will be acquired by a consortium that includes Sony, Comcast Corp. and private equity firms Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners. The deal was announced in September 2004.

With EC approval achieved, MGM said the next step is to finalize the financing of the deal. The company expects the entire transaction to be completed by the middle of April.