The Japanese electronics and media giant and private equity partners plan to pay $13 for each share of MGM plus the assumption of debt. The parties expect to announce the deal before MGM’s annual meeting on June 29. MGM shares closed Thursday at $12.17, off 8 cents.
The sale of MGM would mark another milestone for 87-year-old billionaire Kirk Kerkorian, who owns 75% of the last major independent film studio. Earlier this week, Kerkorian placed a huge bet on the future of the Las Vegas hotel and gaming industry by sealing a deal to buy Mandalay Resort Group for $4.8 billion.
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