Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/18/84; site ucla-cs.ARPA Path: utzoo!linus!philabs!cmcl2!seismo!lll-crg!dual!qantel!hplabs!sdcrdcf!trwrb!trwrba!cepu!ucla-cs!reiher From: reiher@ucla-cs.UUCP Newsgroups: net.movies,net.tv Subject: Ted Turner Buys MGM/UA Message-ID: <6545@ucla-cs.ARPA> Date: Fri, 9-Aug-85 01:26:22 EDT Article-I.D.: ucla-cs.6545 Posted: Fri Aug 9 01:26:22 1985 Date-Received: Wed, 14-Aug-85 02:45:57 EDT Organization: UCLA Computer Science Department Lines: 22 Xref: linus net.movies:5622 net.tv:2924 Ted Turner (also known as the Mad Georgian) has abandoned his attempt to buy CBS. He's going to buy MGM/UA instead, according to the business section of the LA Times. Well, maybe he's going to buy MGM/UA. The price is approximately $1.5 billion in cash. It actually works out to a bit over $1 billion, because Turner will simultaneously sell UA back to current owner Kirk Kerkorian. Also, many people doubt that Turner will come up with the cash. At any rate, the studio, the MGM library, half the profits from productions in preparation, and a bunch of other assets go with MGM. Very little goes with UA, just a distribution network, a much smaller film library, and half the upcoming releases' profits. Kerkorian is fairly serious about unloading MGM, so if Turner doesn't come up with the cash, someone else probably will. The effects on the film industry are hard for me to guess (more films made in Atlanta?), but both Turner and Kerkorian have stated their intentions to continue making films with their half of the company. -- Peter Reiher reiher@LOCUS.UCLA.EDU {...ihnp4,ucbvax,sdcrdcf}!ucla-cs!reiher