MGM explors options but says it's 'not for sale' - Zac Bissonnette

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1 pt	MGM explors options but says it's 'not for sale'
	Aug 26, 2008 05:00 AM UTC

Zac Bissonnette

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Via BloggingStocks:

Filed under: Deals, Rumors

Famed studio MGM -- which is owned by a bunch of companies including Texas Pacific Group, Providence Equity Partner, Sony (NYSE: SNE), and Comcast (NYSE: CMCSA) is considering a public offering as it looks to deal with its $3.1 billion debt load. The company has hired Goldman Sachs (NYSE: GS) to explore options for a way out of the 2005 buyout that left the company over-leveraged.

Studios have slowed production because of the credit crunch that is making financing films harder than it's been in a long time.

Other possible alternatives include a bond offering or some other form of debt refinancing, but the company says it's not for sale, although it remains coy on that topic, saying that that "there is no 'asking price' for the company."

Is that a veiled invitation for bids? Sounds like it. But in this environment, there might not be many take...

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