July 12, 1991 |
The chairman of France's big state-owned Credit Lyonnais bank accused underlings Thursday of acting against his orders in making $460 million in loans to Italian financier Giancarlo Parretti in the controversial $1.4-billion deal to buy MGM/UA Communications Co.
October 6, 1989 |
MGM/UA Communications Co. dropped a new bombshell Thursday in the never-ending saga of its scheduled sale to the Australian Qintex Group with a cryptic announcement that Qintex has failed to deliver a $50-million letter of credit. Although MGM/UA executives refused to elaborate, sources said last month that the non-refundable deposit was due Sept. 22--one week after Qintex outbid media magnate Rupert Murdoch for the company. Earlier this week, Qintex Chairman Christopher C.
April 9, 1990 |
MCA Inc. has sold rights to 10 of its recent movies, including "Born on the Fourth of July" and "Field of Dreams," to CBS Inc. in an unusual move that will bring the films to network television before they are seen on any pay TV service, an MCA official confirmed Sunday. The deal comes amid complaints by MCA that its movies, despite enjoying a hot streak at the box office, have been shut out of a pay TV market dominated by Time Warner Inc.
September 21, 1990 |
Italian financier Giancarlo Parretti, who advanced closer to his goal of acquiring MGM/UA Communications Co. on Thursday by paying the last $50-million deposit owed on the studio, may be in for a case of sticker shock when the final cost of the deal is tallied. MGM/UA's price tag, set at $1.3 billion, could rise by as much as $200 million if former shareholders in the company win a class-action suit set to go to court on Monday.
September 15, 1990 |
Reclusive financier Kirk Kerkorian and his Tracinda Corp. will stand as lone defendants in a $200-million class-action suit filed by former MGM/UA Communications Co. shareholders. A Los Angeles Superior Court judge on Friday approved a separate multimillion-dollar settlement between the shareholders and four insurance companies covering the remaining defendants, despite MGM/UA's objections. Judge R. William Schoettler Jr.'
October 12, 1989 |
The collapse of the deal under which MGM/UA Communications Co. was to have been sold to the Australian Qintex Group drove down the prices of both companies' shares Wednesday, while on another front, media magnate Rupert Murdoch toyed publicly with the notion of reviving his earlier offer for MGM/UA. Murdoch--who has been in Australia for the annual shareholders meeting of his 45%-owned News Corp.--told a television audience there that News Corp. is not "lusting after" MGM/UA.
July 13, 1990 |
Pathe Communications Corp. sued Time Warner Inc. for $500 million in Los Angeles Superior Court late Thursday, charging that the New York media giant reneged on an agreement to loan Pathe $650 million toward the purchase of MGM/UA Communications Co. Pathe's suit accuses Time Warner of breach of contract, fraud, interference with contractual relationship and unfair competition.
June 16, 1990 |
The French government blocked an attempt by Italian investor Giancarlo Parretti to take full control of France's Pathe Cinema, citing the bid as a threat to "public order." Separately, Beverly Hills-based Pathe Communications Corp., of which Parretti is president, extended its $1.2-billion tender offer for MGM/UA Communications Co. until June 22.
November 15, 1989 |
MGM/UA Communications Co. directors met Tuesday in a regularly scheduled meeting but adjourned 90 minutes later without discussing any of the takeover bids rumored to be under consideration by diverse entertainment companies, two sources said. "We haven't been contacted," one company executive said, although he added, "There could be something very well going on out there."
October 21, 1989 |
Qintex Entertainment Inc., whose Australian affiliate's deal to buy MGM/UA Communications Co. collapsed nearly two weeks ago amid financing problems, has filed for bankruptcy law protection after it failed to make a debt payment, the company announced Friday. In addition, David Evans resigned as president, chief executive and a director, but he will remain as a consultant until a successor is appointed, Qintex said.