October 13, 1989 |
The fate of MGM/UA Communications Co. remained unresolved Thursday as the Australian Qintex Group made no effort to revive its collapsed $1.5-billion deal to acquire the entertainment company, a Qintex official said.
September 14, 1989 |
If movies are ammunition in the global media wars, Rupert Murdoch's decision to bid for MGM/UA Communications Co. could give him access to a badly needed arms factory. Murdoch's News Corp. already owns 20th Century Fox, one of the seven major Hollywood film studios. But a single studio can't supply enough movies to support his far-flung distribution channels--and buying from outside suppliers has proved difficult in recent months.
June 22, 1990 |
With chief backer Time Warner Inc. apparently on the verge of withdrawing its support for the deal, Pathe Communications Corp. on Thursday was forced to obtain a four-month extension on its bid to acquire MGM/UA Communications Co. Pathe's new agreement with MGM/UA raises the price of the deal by $100 million, to $1.3 billion. Pathe will increase its payment for all outstanding MGM/UA stock to $21.
April 14, 1990 |
Anti-Semitic remarks attributed to Italian entertainment executive Giancarlo Parretti generated alarm in Hollywood on Friday, and several top film executives said Parretti's bid to buy MGM/UA Communications Co. will be endangered if he fails to explain himself. "He's going to have a real hard time now," said one executive who asked not to be named. "This is the one thing, that, if it's proven true, can derail the entire deal.
June 30, 1990 |
Time Warner Inc. filed a $100-million lawsuit against Pathe Communications Corp. late Friday in a move that threatens to block any bid by Pathe to complete its proposed $1.3-billion acquisition of MGM/UA Communications Co. The suit, filed in Los Angeles Superior Court, accuses Pathe of violating an agreement under which Time Warner was to provide $650 million in financing for the MGM/UA purchase.
September 14, 1989 |
In an 11th-hour move, two Rupert Murdoch-controlled companies have made a $1.8-billion bid for MGM/UA Communications Co., which was slated to merge with a smaller Australian company in two weeks. MGM/UA said that its directors will meet today to consider the offer, made jointly by News Corp. Ltd. and Fox Inc., the parent of rival film studio 20th Century Fox Film Corp. MGM/UA has been asked for a decision within 24 hours, according to one executive familiar with the bid.
December 8, 1991 |
Although the fate of Giancarlo Parretti and his on-again, off-again takeover of MGM is still very much in question, one thing is certain: The former waiter-turned-movie mogul has launched a cottage industry in publishing. At the moment, three people have books in progress about Parretti's rapid rise and even faster fall. Parretti's troubles seemed to begin when, late in 1990, he acquired MGM/UA Communications Co. from majority owner Kirk Kerkorian for $1.36 billion.
October 11, 1989 |
True to Hollywood's and Wall Street's most cynical expectations, MGM/UA Communications Co.'s "irrevocable" sale to the Australian Qintex Group collapsed Tuesday amid rancorous accusations and a lawsuit by MGM/UA accusing the Australian firm of fraud. The $1.5-billion deal--amended twice over the course of seven months--came unglued after Qintex failed to deliver a $50-million letter of credit by Sept. 22 as promised.
November 30, 1989 |
Ted Turner is back. Back from the yawning cavern of debt, and apparently back in Hollywood to discuss the possible purchase of MGM/UA Communications Co. from financier Kirk Kerkorian. On Wednesday, his Turner Broadcasting System also announced that it has acquired rights to 1,000 Columbia Pictures films for two of TBS' cable TV services. Terms of the deal were not disclosed, but the announcement was interpreted as one more sign that Turner has a hit with its newest cable network.
July 10, 1988 |
MGM/UA Communications Co., a major movie and television studio, is expected to sell its Metro-Goldwyn-Mayer Pictures unit in a complex spinoff under which investor Burt Sugarman and movie producers Jon Peters and Peter Guber will end up with 25% of the company, according to industry sources. Investor Kirk Kerkorian, who owns 82% of MGM/UA, will personally buy the balance of the unit after first offering its shares to shareholders of the parent company.