As reported earlier today in JURIST's Paper Chase, a consortium led by the Sony Corporation is seeking to acquire the Metro-Goldwyn-Mayer film and television studio. MGM has now released a statement agreeing in principle to be acquired for $12 a share plus assumed debt, an expected value of over $3 billion. Read the MGM statement from their website here.
Sony had been engaged in a bidding war with Time Warner Inc. until that company dropped out on Monday. The deal is expected to be formally approved by MGM's board of directors by September 27. AP has more.