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Movies

The Lion Doth Protest…

I just got this e-mailed statement from MGM: “Contrary to recent media reports, Metro-Goldwyn-Mayer Studios Inc. (MGM) is not for sale. There is no ‘asking price’ for the company. MGM’s existing financing arrangements are sufficient to meet its needs. Goldman, Sachs has been retained to explore enhancements to MGM’s long-term capital structure. All of the MGM shareholders, including Providence Equity Partners, TPG, Sony Corp. Of America and Comcast Corp, are pleased with the Company’s current momentum and are committed to the future growth of the studio.” This comes amid rumors that three-time MGM owner Kirk Kerkorian is anticipating an MGM fire sale. And my colleague Peter Lauria in The Post’s business department is reporting today that Merrill Lynch is looking into ways to turn off, or at least restrict, the money spigot to MGM subsidiary United Artists. Merill is concerned about the recent departure of UA chief Paula Wagner and the prospect that MGM production chief Mary Parent will tap UA’s $500 million line of credit under the nominal supervision of Wagner’s wacko ex-partner, Tom Cruise. Stay tuned for the next chapter in the MGM soap opera.