MGM to Offer Stock
As expected, Metro-Goldwyn-Mayer Inc. said it is proposing to offer shares to the public as soon as possible. MGM released no details, but it is expected to try to raise about $250 million by selling a 12.5% stake in the company.
The company also is expected to offer the stock through a group of underwriters led by J.P. Morgan and Merrill Lynch. MGM was bought last year for $1.3 billion by a group led by billionaire Kirk Kerkorian’s Tracinda Corp., MGM Chairman Frank Mancuso and Australia’s Seven Network Ltd.
The company later added the film and TV assets of Metromedia International Group for $573 million.
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