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MGM seeking financing

August 20, 2008|From Times Wire Services

Movie studio Metro-Goldwyn-Mayer Inc., which is controlled by private equity firms, is raising as much as $600 million to produce some of its biggest films, including "The Hobbit."

The financing will be completed in about three weeks, a spokesman for Los Angeles-based MGM said. He declined to discuss terms or investors.

The MGM fund includes "The Hobbit," being produced by "Lord of the Rings" director Peter Jackson, and "Pink Panther" movies starring Steve Martin.

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