Icahn, Time Warner interested in MGM anew? (NYP)
By Nancy Tartaglione
The New York Post reports that Carl Icahn and Time Warner have expressed renewed interest in MGM. Time Warner last week, through back channels, told the hedge funds controlling the studio it could be willing to raise its offer to $1.7 billion from $1.5 billion, says The Post. However, the hedge funds rejected the idea, a source told the paper.
A second source confirmed to The Post that Time Warner was willing to raise its offer to $1.7 billion but that no official second bid was made.
Icahn owns roughly $500 million of MGM's $4 billion in debt and is buying more, a source said. The source added it would not be surprising if Icahn soon offers a new proposal.
Sahara India Pariwar is also reportedly firming up its $2 billion bid to buy MGM.
Spyglass Entertainment's Gary Barber and Roger Birnbaum have been in an extended review of MGM financial data after signing a letter of intent to run the studio as co-chairmen and -CEOs, with Spyglass in line for an almost 5% stake in the studio.
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