P.M. BRIEFING : Murdoch Cool to New MGM Bid
Media magnate Rupert Murdoch said today he was lukewarm about reentering the race to take control of Hollywood film studio MGM/UA Communications Co., which terminated a $1.5-billion pact to be bought by Qintex Australia Ltd.
MGM said its deal with the Australian broadcasting conglomerate Qintex failed because it did not deliver a required $50-million letter of credit. (Section D, Page 1.)
Murdoch was asked on Australian television if he still wanted MGM/UA after Qintex Australia’s plan fell apart.
“Ah, yes,” he said. “But we’re not negotiating. We’re not in there. We’re not sure about it. . . . We’re not lusting after it.”
A bid of $1.35 billion by Murdoch’s News Corp. was topped by Qintex last month.
“We are certainly not going to pay the price (Qintex head) Mr. (Christopher C.) Skase was going to pay,” Murdoch said.
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