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Has Time Warner Purchased MGM?

Rumour reports say sale completed yesterday

Written by John Cox on 10 Sep, 2004

MAJOR UPDATE! Sept. 13, 2004:

Time Warner has pulled their bid for MGM and Sony Corp has agreed in principal to purchase the studio for $4.8 billion. Full details HERE.

James Bond may finally have a new boss. Defamer.com and Ain�t It Cool News are reporting that Time Warner has completed their purchase of MGM studios, home of Eon Productions and the James Bond film franchise. Both websites credit unnamed sources and caution that at this stage the news is just rumour, but it’s common knowledge that the two companies have been in talks for the past month and recently there have been indicators that a sale was imminent.

Variety and CNN are reporting that Sony Corp put in a last minute bid Thursday morning in a final attempt to buy the studio. In contrast to the reports on AICN and Defamer, Variety is reporting that while the board met to consider the rival bids, it didn’t reach a decision on either offer.

If news of the sale proves to be true, does this mean production on Bond 21, which has been delayed because of the extended sale talks, is now free to move ahead? Will Eon finally be free to make official announcements regarding a director and who will play 007? Or will Bond�s new boss want to tinker a bit under the hood before letting this prized acquisition leave the showroom floor?

Stay tuned.