P.M. BRIEFING : Turner to Study MGM/UA Books
Turner Broadcasting System Inc. has sent representatives to California to study MGM/UA Communications Co.’s financial records, even though the Turner board recently cut off discussions on a bid for the troubled movie studio, it was reported today.
The Atlanta Constitution quoted unidentified sources as saying Turner Broadcasting is researching finances of the studio to help Chairman Ted Turner ascertain a “fair price” for MGM/UA. Turner spokesmen had no comment on the matter.
Some analysts have estimated the studio could sell for $1.7 billion. But a previous $1.5-billion MGM/UA sale agreement with Qintex Australia Ltd. fell apart in October, and News Corp. Ltd., which bid $1.25 billion for the studio, apparently dropped out of the bidding.
Ted Turner wants to bid for MGM/UA in partnership with Tele-Communications Inc. of Denver, the nation’s largest cable-TV operator and Turner Broadcasting’s biggest shareholder after Turner, the paper said.
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