More speculation over MGM sale

August 24, 2008 Business Week reported online Friday that the investment consortium currently controlling MGM had retained Goldman Sachs to solicit purchase offers for the studio. Sony has a 20% stake in MGM -- investment banks and Comcast hold the balance of equity -- and is considered a prime candidate to bid on the remaining interest in the Lion should a formal auction be launched. Serial Lion-tamer Kirk Kerkorian is also said to have floated a low-ball bid of $3 billion for the studio, though such a low offer would be risible to an ownership group determined to avoid taking a bath on their pricey foray into Hollywood.

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