MGM 'Not For Sale"

August 26 2008
MGM

Bosses at Hollywood giant MGM have blasted reports the studio is for sale.

A recent news item in BusinessWeek magazine suggested MGM backers were attempting to offload the company.

But a statement given to Daily Variety insists, "Contrary to recent media reports, Metro-Goldwyn-Mayer Studios inc. is not for sale. There is no asking price for the company."

The studio - responsible for Hollywood classics The Wizard of Oz and Ben-Hur - has focused mainly on movie distribution in recent years, but has several big projects in the works, including a collaboration with New Line Cinema on Lord of the Rings prequel The Hobbit.

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