Consortium Led by Sony Corporation of America, Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners
13 Setembro 2004 - 11:47PM
PR Newswire (US)
Consortium Led by Sony Corporation of America, Providence Equity
Partners, Texas Pacific Group and DLJ Merchant Banking Partners
Confirms Agreement in Principle to Acquire Metro-Goldwyn-Mayer
Distribution and Programming Agreement with Comcast Corporation is
Also Announced NEW YORK, Sept. 13 /PRNewswire/ -- A consortium led
by Sony Corporation of America and its equity partners, Providence
Equity Partners, Inc., Texas Pacific Group, and DLJ Merchant
Banking Partners, today confirmed it has agreed in principle to
acquire Metro-Goldwyn-Mayer Inc. (NYSE:MGM) for $12 in cash per MGM
share, plus the assumption of MGM's debt. At the same time, Sony
Corporation of America and Comcast Corporation announced that
Comcast, Sony Pictures Entertainment and the equity partners in the
MGM transaction have reached agreement on a broad programming and
distribution arrangement. It will allow for the distribution of
Sony Pictures' and MGM content on Comcast's video on demand
platform, and for the creation of a joint venture, to be managed by
Comcast, establishing new cable channels featuring Sony and MGM
content. While this agreement contemplates consummation of the
acquisition of MGM, the parties will proceed with Sony content on a
stand alone basis for VOD under any circumstances. In addition
Comcast is considering becoming a minority equity investor in the
proposed MGM acquisition. JP Morgan is acting as lead arranger for
all of the debt financing and CSFB is a co-underwriter. CSFB in
addition to JP Morgan and Citigroup are acting as advisors to the
consortium. About Sony Corporation of America Sony Corporation of
America, based in New York City, is the U.S. subsidiary of Sony
Corporation, headquartered in Tokyo. Sony is a leading manufacturer
of audio, video, communications, and information technology
products for the consumer and professional markets. Its music,
motion picture, television, computer entertainment, and online
businesses make Sony one of the most comprehensive entertainment
companies in the world. Sony's principal U.S. businesses include
Sony Electronics Inc., Sony Pictures Entertainment, Sony Computer
Entertainment America Inc., and a 50% interest in Sony BMG Music
Entertainment, one of the largest recorded music companies in the
world. Sony recorded consolidated annual sales of over $72 billion
for the fiscal year ended March 31, 2004, and it employs 162,000
people worldwide. Sony's consolidated sales in the U.S. for the
fiscal year ended March 31, 2004 were $20.4 billion. About Comcast
Comcast Corporation (NASDAQ:CMCSANASDAQ:CMCSK) is principally
involved in the development, management and operation of broadband
cable networks and programming content. The Company is the largest
cable company in the United States, serving more than 21 million
cable subscribers. The Company's content businesses include
majority ownership of Comcast Spectacor, Comcast SportsNet, E!
Entertainment Television, Style Network, The Golf Channel, Outdoor
Life Network and G4techTV. Comcast Class A common stock and Class A
Special common stock trade on The NASDAQ Stock Market under the
symbols CMCSA and CMCSK, respectively. About Providence Equity
Partners Inc. Providence Equity Partners Inc. is one of the world's
leading private investment firms specializing in equity investments
in media and communications companies. The principals of Providence
Equity manage funds with over $9 billion in equity commitments and
have invested in more than 70 companies operating in over 20
countries since the firm's inception in 1991. Current and previous
areas of investment include cable television content and
distribution, wireless and wireline telephony, publishing, radio
and television broadcasting and other media and communications
sectors. Significant investments include VoiceStream Wireless,
Warner Music Group, AT&T Canada, eircom plc, Casema, Kabel
Deutschland, Language Line, F&W Publications, ProSiebenSat.1,
and Bresnan Broadband Holdings. The firm has offices in Providence,
New York and London. Visit http://www.provequity.com/ for
additional information About Texas Pacific Group Texas Pacific
Group, founded in 1993 and based in Fort Worth, TX, San Francisco,
CA, and London, is a private investment partnership managing over
$13 billion in assets. TPG seeks to invest in world-class
franchises across a range of industries, including significant
investments in healthcare companies (Oxford Health Plans, Quintiles
Transnational), leading retailers (Petco, J.Crew, Debenhams - UK),
branded consumer franchises (Burger King, Del Monte, Ducati),
technology companies (ON Semiconductor, MEMC, Seagate), and
airlines (Continental, America West). About DLJ Merchant Banking
Partners DLJ Merchant Banking Partners (DLJMB) is a leading private
equity investor that has a 19-year record of investing in leveraged
buyouts and related transactions across a broad range of
industries. DLJMB, with offices in New York, London, Houston and
Buenos Aires, is part of Credit Suisse First Boston's Alternative
Capital Division (ACD), which is one of the largest alternative
asset managers in the world with more than $36 billion of assets
under management. ACD is comprised of $20 billion of private equity
assets under management across a diverse family of funds, including
leveraged buyout funds, mezzanine funds, real estate funds, venture
capital funds, fund of funds and secondary funds, as well as more
than $16 billion of assets under management through its hedge fund
(both direct and fund of funds), leveraged loan and CDO businesses.
DATASOURCE: Sony Corporation of America CONTACT: Ann Morfogen, Sony
Corporation of America, +1-212-833-6873; or Susan Tick, Sony
Pictures Entertainment, +1-310-244-6777; or D'Arcy Rudnay, Comcast,
+1-215-981-8582; or Andrew Cole, Providence Equity Partners Inc.,
+1-212-687-8080; or Owen Blicksilver, Texas Pacific Group,
+1-516-742-5950; or Victoria Harmon, DLJ Merchant Banking Partners,
+1-212-325-6914 Web site: http://www.sony.com/
http://www.provequity.com/
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