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Lions Gate set to employ mergers and acquisitions consultants

Film studio proposes tie up with troubled MGM Studios

14 October 2010

Lions Gate Entertainment could be set to hire mergers and acquisitions consultants for its potential tie up with troubled Metro-Goldwyn-Mayer (MGM) Studios.

Reuters has revealed that the proposed deal values MGM at between $1.6 and $1.8 billion and has won the approval of Carl Icahn - an investor in both studios.

Around a fifth of the newly-combined firm would be handed over to Icahn, with the remaining stake owned by Lions Gate shareholders and MGM creditors.

Mr Icahn claimed the deal would be better for MGM than its potential link up with rival studio Spyglass.

"We believe that this combination of Lions Gate and MGM would enhance value for all constituencies," he said.

MGM is currently $4 billion in debt and has asked its creditors to vote on its plan to file for bankruptcy, which would result in Spyglass holding a five per cent stake in MGM.

The firm's financial problems have also led to production on the latest James Bond film being suspended. 

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