Turner Puts in Appearance at MGM Culver City Studio
Atlanta broadcasting maverick Ted Turner has shown up at MGM/UA Entertainment Co.’s movie studio in Culver City, the scene all week of crisis negotiations to try to salvage his purchase of the company, sources said Wednesday. No progress reports have been issued, however, and Turner was unavailable for comment.
Meanwhile, MGM/UA’s stock price continued its slide, dropping another 50 cents to close at $20 in New York Stock Exchange composite trading. Turner originally agreed to pay $29 cash for each MGM/UA share, later renegotiated it to $25 cash and a share of preferred stock and last week balked at that price after reporting “certain difficulties” in completing the deal on those terms.
Turner Broadcasting’s stock also continued to drop, falling by 37.5 cents to close at $14.125 on the American Stock Exchange.
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