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MGM Says It Was Outbid for Film Library

December 23, 1997|Bloomberg News

Metro-Goldwyn-Mayer Inc. said it didn't buy a film library with about 1,000 titles from Consortium de Realisation SAS because it was outbid by PolyGram NV, which bought the library early this month. Craig Parsons, an MGM spokesman, said the Santa Monica-based film studio had offered a bid that was "close to $100 million under" the $225 million that Netherlands-based entertainment company PolyGram paid for the library of 1,051 films. The library includes "When Harry Met Sally" and "City Slickers." Consortium de Realisation, or CDR, was formed in 1995 to dispose of assets split off from French banking company Credit Lyonnais. MGM, which went public in November, said in documents it filed with federal regulators that it was considering purchasing the library. It has a 4,000-title movie library that includes films such as "Midnight Cowboy" and "Rain Man."

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