It's too bad Lionsgate moved most of their operations to LA... would be nice to have a legitimate Canadian studio.
Quote:
Lions Gate pulls out of bidding for MGM after being asked to up bid
By The Associated Press
LOS ANGELES - Lions Gate Entertainment has pulled out of the bidding for the beleaguered Metro-Goldwyn-Mayer movie studio after it was told its acquisition offer was inadequate and was asked to raise it.
That's according to a person with knowledge of the matter. The person spoke on condition of anonymity because the bids are meant to be confidential.
The person says Canadian-American Lions Gate was not prepared to pay more than its bid of between $1.3 billion and $1.4 billion and pulled out of the process.
The withdrawal, reported earlier by The Wall Street Journal, means Time Warner's bid to acquire the iconic Hollywood studio for $1.5 billion may be MGM's best chance to avoid foreclosure by its creditors.
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http://www.canadianbusiness.com/mark...ent=b255936231