Guys, put that $5 billion back in the bank! We and the rest of the Internet reported yesterday that MGM's backers, including Comcast and Sony, were trying to offload the studio onto anyone willing to put up the $5 billion. But today Variety is clearing the air, reporting that the studio is not for sale now, nor does it plan to be.
"There is no 'asking price' for the company. MGM's existing financing arrangements are sufficient to meet its needs." the studio reportedly said in a statement. Variety says the whole kerfuffle yesterday started thanks to a BusinessWeek story that said the studio was on the auction block. The trade paper seems to take it at face value that the article was just a mistake, and nothing at all is happening to sell the company, but isn't that a little suspicious? These stories don't just come out of thin air, right?
As we said yesterday, it won't really affect the average moviegoer if the studio is sold, so this is mostly a weird game to watch from the sidelines. But yeah, if you withdrew $5 billion from the bank yesterday to buy MGM-- or if you bought your own lion, as I suggested-- hold your horses. Go bail out one of those failing banks instead, will ya?
