No Promising Bid Submitted Yet for MGM

MGM Inc. majority shareholder Kirk Kerkorian failed this week to attract the promising bids he wants from major media companies for his legendary studio, industry sources said.

Analysts say that if he doesn’t get his desired price, Kerkorian, 84, will probably shelve the idea and try again later. Since 1969, Kerkorian has bought the studio three times, selling it twice.

The billionaire was hoping that a suitor would pony up $30 a share or more to get MGM’s vast film library of more than 4,100 titles that include the valuable James Bond franchise and the Pink Panther series. That would put MGM’s worth at about $7.2 billion.

But sources at various media companies said that despite their ongoing interest in MGM’s library, none was ready to bid because the price is too high.

MGM had no comment beyond a statement released this week in which it said no deal is imminent. Its stock fell 10 cents to close at $20.90 on the NYSE.

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Claudia Eller and James Bates