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MGM May Use Cash Pile to Buy Back Stock

September 25, 2003|From Reuters

Metro-Goldwyn-Mayer Inc. said it might use its mounting cash pile in a tender offer to buy back its shares after failing in a bid to acquire Vivendi Universal's U.S. media assets.

The studio said other options for cash it generates, as well as the $500 million it raised to help acquire the Vivendi assets, might include extending a current stock buyback program. MGM added, however, it probably would avoid a one-time cash dividend to shareholders.

The announcement was made after the market closed. MGM shares fell 1 cent to $14.77 on the NYSE.

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