Murdoch Says Price for MGM Is Too High

News Corp. Chairman Rupert Murdoch said Metro-Goldwyn-Mayer Inc. might not be worth the $5 billion that Sony Corp. is considering offering for the film studio and its movie library.

“Personally, I can’t see the value, but I could be proved wrong,” Murdoch said in an interview in Sun Valley, Idaho, where he was attending Allen & Co.’s annual media conference.

Murdoch said he would be “very surprised” if a purchase of MGM was negotiated by participants at the conference, who included Sony Corp. of America Chief Executive Howard Stringer, Time Warner Inc. CEO Richard Parsons and NBC Universal television President Jeff Zucker.