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UPDATE ~ MGM accepts Sony deal

[JURIST] 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.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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