September 17, 2004

Sony Wins Mgm Bidding.
Sirindu

NEW YORK (CNN/Money) - Time Warner Inc. said Monday it would no longer pursue film studio Metro-Goldwyn-Meyer Inc., saying the entertainment companies failed to reach an agreement on price. "Although MGM is a valuable asset, we have decided to withdraw our bid," Dick Parsons, chief executive of Time Warner, said in a statement. "Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity."

The artical went on to say that Sony (woo hoo) got MGM for 5 Billion.

I'm not sure if this will affect any of the plans (if there are any) for The Hobbit. But as many if not all of you know, MGM owns the rights and Time Warner the distribution, er, or something like that.

P.S. (Hope this isn't against the rules to post something from a news site or whatever. If it is, I'll probably get kicked off this board so I'll just say now (in all seriousness) "bye everybody! You guys have been great!"