Metro-Goldwyn-Mayer Inc. Stockholders Approve Merger
17 Dezembro 2004 - 4:20PM
PR Newswire (US)
Metro-Goldwyn-Mayer Inc. Stockholders Approve Merger LOS ANGELES,
Dec. 17 /PRNewswire-FirstCall/ -- Metro-Goldwyn-Mayer Inc.
(NYSE:MGM), together with a consortium comprised of Sony
Corporation of America, Providence Equity Partners, Texas Pacific
Group, Comcast Corporation (NASDAQ:CMCSANASDAQ:CMCSK) and DLJ
Merchant Banking Partners, announced today that the Agreement and
Plan of Merger between MGM and LOC Acquisition Company, which was
formed by the consortium, was adopted by MGM's stockholders at a
special meeting held on December 17, 2004. Consummation of the
merger remains subject to clearance under the European Commission's
merger control regulations, the financing necessary to complete the
proposed acquisition being consummated and other closing conditions
contained in the Agreement and Plan of Merger. (Logo:
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO) About
Metro-Goldwyn-Mayer Inc. Metro-Goldwyn-Mayer Inc. (NYSE:MGM),
through its Metro-Goldwyn-Mayer Studios Inc. subsidiary, is
actively engaged in the worldwide production and distribution of
motion pictures, television programming, home video, interactive
media, music and licensed merchandise. The company owns the world's
largest library of modern films, comprising about 4,000 titles.
Operating units include MGM Pictures, United Artists, MGM
Television Entertainment, MGM Networks, MGM Distribution Co., MGM
Worldwide Television Distribution, MGM Home Entertainment, MGM On
Stage, MGM Consumer Products, MGM Music, MGM Interactive and MGM
Direct. In addition, MGM has ownership interests in international
TV channels reaching nearly 120 countries. For more information,
visit http://www.mgm.com/. 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 Inc., 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. For more information, visit
http://www.sony.com/. 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, PanAmSat, 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 is one of the world's leading
private investment firms managing over $14 billion in assets. TPG
invests across a wide range of industries, and has made significant
investments in branded consumer franchises (Burger King, Berginer
Wines, Del Monte, Ducati), leading retailers (Petco, J.Crew,
Debenhams-UK), healthcare (Oxford Health Plans, Iasis, Quintiles
Transnational), technology companies (ON Semiconductor, MEMC,
Seagate), and airlines (Continental, America West), among others.
The firm is based in Fort Worth, Texas and has additional offices
in San Francisco and London. About Comcast Comcast Corporation
(NASDAQ:CMCSANASDAQ:CMCSK) is principally involved in the
development, management and operation of broadband cable networks,
and in the provision of programming content. The Company is the
largest provider of cable and broadband services in the United
States, serving more than 21 million cable television customers and
more than 6.5 million high-speed Internet customers. The Company's
content businesses include majority ownership of Comcast Spectacor,
Comcast SportsNet, E! Entertainment Television, Style Network,
G4techTV, The Golf Channel, International Channel and Outdoor Life
Network. Comcast Class A common stock and Class A Special common
stock trade on The Nasdaq Stock Market under the symbols CMCSA and
CMCSK, respectively. For more information, visit
http://www.comcast.com/. About DLJ Merchant Banking Partners DLJ
Merchant Banking Partners III, L.P., together with affiliated
investment vehicles, is an investment partnership sponsored by DLJ
Merchant Banking Partners which seeks significant capital
appreciation through private equity and equity-related investments.
DLJ Merchant Banking Partners is part of Credit Suisse First
Boston's Alternative Capital Division, which is one of the largest
alternative asset managers in the world with more than $36 billion
of assets under management. DLJ Merchant Banking Partners was
organized in 1985 and since that time has invested nearly $9.0
billion in 140 portfolio companies across a wide range of
industries and geographies. Significant investments include Grohe
AG, Jostens, Inc., American Ref-Fuel Company, TXU Energy Company,
Safilo S.p.A. and Nycomed Holdings. The principal executive offices
of DLJ Merchant Banking Partners are located at 11 Madison Avenue
in New York, New York. FORWARD-LOOKING STATEMENTS This document may
contain statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact
are statements that could be deemed forward-looking statements.
Such forward-looking statements reflect Metro-Goldwyn-Mayer Inc.'s
("MGM"), Sony Corporation's ("Sony") and Comcast Corporation's
("Comcast") current expectations and beliefs and are subject to a
number of risks, uncertainties, assumptions and other factors that
could cause actual results to differ materially from those
described in the forward-looking statements. For example, such
risks, uncertainties, assumptions and other factors include,
without limitation, the possibility that: (1) the consortium and
MGM may be unable to obtain the regulatory approvals required to
complete the transaction; (2) problems may arise in successfully
integrating the businesses; (3) the acquisition may involve
unexpected costs; (4) the consortium may be unable to achieve
cost-cutting synergies; (5) the businesses may suffer as a result
of uncertainty surrounding the acquisition; and (6) the new company
may be subject to future regulatory or legislative action. For a
further discussion of these and other risks, uncertainties,
assumptions and other factors, see MGM's, Sony's and Comcast's
filings with the Securities and Exchange Commission. None of MGM,
Sony or Comcast undertakes any duty to update forward-looking
statements. Contacts: Sony Corporation of America Ann Morfogen
(media) 212-833-6873 Mack Araki (media) 212-833-6821 Sony Pictures
Entertainment Susan Tick (media) 310-244-6777 Comcast Corporation
Tim Fitzpatrick (media) 215-981-8515 Providence Equity Partners
Inc. Andrew Cole (media) 212-687-8080 Texas Pacific Group Owen
Blicksilver (media) 516-742-5950 DLJ Merchant Banking Partners
Victoria Harmon (media) 212-325-6914 Metro-Goldwyn-Mayer Inc. Joe
Fitzgerald (MGM Investors) 310-449-3660 Janet Janjigian (media)
310-449-3294 George Sard/Carrie Bloom (media) 212-687-8080
http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO
http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc.
CONTACT: media, Ann Morfogen, +1-212-833-6873 or Mack Araki,
+1-212-833-6821, both of Sony Corporation of America; Susan Tick of
Sony Pictures Entertainment, +1-310-244-6777; or Tim Fitzpatrick of
Comcast Corporation, +1-215-981-8515; or Andrew Cole of Providence
Equity Partners Inc., +1-212-687-8080; or Owen Blicksilver of Texas
Pacific Group, +1-516-742-5950; or Victoria Harmon of DLJ Merchant
Banking Partners, +1-212-325-6914; or Janet Janjigian,
+1-310-449-3294, or George Sard, or Carrie Bloom, +1-212-687-8080,
or MGM Investors, Joe Fitzgerald, +1-310-449-3660, all of
Metro-Goldwyn-Mayer Inc. Web site: http://www.comcast.com/ Web
site: http://www.provequity.com/ Web site: http://www.sony.com/ Web
site: http://www.mgm.com/
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