Entertainment and media correspondent
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Oct 21, 2010

Icahn steps up fight for control of MGM

NEW YORK/LOS ANGELES (Reuters) – Billionaire investor Carl Icahn stepped up his fight for control of film studio Metro-Goldwyn-Mayer Inc on Thursday, offering to buy senior debt from creditors willing to vote down the company’s proposed deal with Spyglass Entertainment.

MGM, home to the James Bond and Pink Panther films, has struggled with heavy debt after a leveraged buyout of the studio in 2005. It has labored to find a plan to fix its finances and settled earlier this month on a proposal that would include filing for bankruptcy to shed more than $4 billion in debt and then teaming up with production company Spyglass.

Oct 21, 2010

Netflix may offer U.S. Web service in 2010, shares up

LOS ANGELES (Reuters) – Netflix Inc, which rose to success with its by-mail DVD rental service, may add a streaming-only service in the United States this year, as it expands its reach in the digital market.

The company also reported on Wednesday another quarter of strong subscriber growth, and its shares rose in after-hours trading.

Oct 20, 2010

Netflix posts strong subscriber growth, shares up

LOS ANGELES (Reuters) – High-flying Web video and DVD rental service Netflix Inc (NFLX.O: Quote, Profile, Research, Stock Buzz) raised its customer forecast, but concerns abound over the rising costs it will have to pay studios for more movies and shows.

Shares were up more than 6 percent after Netflix said it added more customers than expected in the third quarter, owing to its online streaming service.

Oct 18, 2010

Venture capitalists set sights on Hollywood

LOS ANGELES (Reuters) – Silicon Valley financiers got the Hollywood treatment in “Social Network,” the new film about Facebook, but the courtship between the technology and entertainment hubs has heated up with venture capital deal values in Los Angeles nearly doubling this year.

Digital and social media, video games and clean technology were the biggest attractions for venture capital activity, said Emily Mendell, vice president of strategic affairs, National Venture Capital Association (NVCA).

Oct 15, 2010

Yahoo buyout can’t solve its midlife crisis

SAN FRANCISCO/LOS ANGELES (Reuters) – Yahoo won’t solve its midlife crisis with a fancy new deal.

Some private equity firms have explored a Yahoo (YHOO.O: Quote, Profile, Research) buyout, combining the company with AOL Inc (AOL.N: Quote, Profile, Research) or with News Corp (NWSA.O: Quote, Profile, Research) assets.

Oct 14, 2010

Analysis: Yahoo buyout can’t solve its midlife crisis

SAN FRANCISCO/LOS ANGELES (Reuters) – Yahoo Inc (YHOO.O: Quote, Profile, Research, Stock Buzz) won’t solve its midlife crisis with a fancy new deal.

Some private equity firms have explored a Yahoo buyout, combining the company with AOL Inc (AOL.N: Quote, Profile, Research, Stock Buzz) or with News Corp (NWSA.O: Quote, Profile, Research, Stock Buzz) assets.

Oct 12, 2010

Lions Gate seeks MGM deal, gets Icahn’s support

LOS ANGELES/NEW YORK, Oct 12 (Reuters) – Lions Gate
Entertainment Corp (LGF.N: Quote, Profile, Research, Stock Buzz) has proposed merging with
Metro-Goldwyn-Mayer in a deal valuing one of Hollywood’s oldest
movie studios at $1.6 billion to $1.8 billion, a source
familiar with Lions Gate’s strategy said.

The proposed deal by Lions Gate for the troubled studio and
home to the “James Bond” films won the backing of corporate
raider Carl Icahn, an investor in both studios, who once
compared a merger to a cash-strapped couple who decide to buy
an “overpriced” mansion.

Oct 8, 2010

MGM seeks lenders’ OK for pre-packaged bankruptcy

LOS ANGELES (Reuters) – Film Studio Metro-Goldwyn-Mayer proposed a pre-packaged bankruptcy plan on Thursday that would wipe out $4 billion in debt and put the founders of Spyglass Entertainment at the helm.

MGM, which has been mired in discussions with creditors and investors to try to reduce its debt, said it had begun seeking lenders’ votes for the plan of reorganization to salvage one of Hollywood’s most legendary studios.

Oct 8, 2010

MGM seeks lenders OK for pre-packaged bankruptcy

LOS ANGELES, Oct 7 (Reuters) – Film Studio
Metro-Goldwyn-Mayer proposed a pre-packaged bankruptcy plan on
Thursday that would wipe out $4 billion in debt and put the
founders of Spyglass Entertainment at the helm.

MGM, which has been mired in months of discussions with
creditors and investors to try to reduce its debt, said it had
begun seeking lenders’ votes for the plan of reorganization to
salvage one of Hollywood’s most legendary studios.

Oct 8, 2010

MGM seeks lenders OK for pre-packaged bankruptcy

LOS ANGELES, Oct 7 (Reuters) – Film Studio
Metro-Goldwyn-Mayer proposed a pre-packaged bankruptcy plan on
Thursday that would wipe out $4 billion in debt and put the
founders of Spyglass Entertainment at the helm.

MGM, which has been mired in months of discussions with
creditors and investors to try to reduce its debt, said it had
begun seeking lenders’ votes for the plan of reorganization to
salvage one of Hollywood’s most legendary studios.

    • About Susan

      "I cover the media sector, focusing mainly on Walt Disney Co and other big entertainment firms and the digital evolution that is currently reshaping that industry. Prior to this assignment, I covered the music industry, energy markets, commodity markets and corporate bonds. Before moving to Los Angeles in 1995, I held positions in the New York bureau and in Pittsburgh, PA."
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