Metro-Goldwyn-Mayer Inc. and Seagram Co. have revived talks over the sale of PolyGram Filmed Entertainment's movie library.
Two weekends ago, MGM owner Kirk Kerkorian walked away from the bargaining table when negotiations for the 1,500-title library collapsed because the parties couldn't agree on a price and structure for the deal.
Kerkorian originally offered to pay nearly $400 million for the entire library, with plans to then sell the ITC portion of the catalog to Britain's Carlton Communications for about $100 million.
At the time, Seagram said it wasn't interested in slicing off pieces of the library to different buyers. But the company--under financial pressure to begin unloading the assets of PolyGram Filmed Entertainment--decided to reconsider Kerkorian's all-cash offer.