Sony in advanced talks to buy out James Bond movie house MGM

Legendary movie studio Metro-Goldwyn-Mayer Inc. is in advanced talks to be bought by Sony Corp. and two buyout firms in a deal that could be worth close to $5 billion, sources close to the deal said on Wednesday, report Reuters.

The buyout firms, which include Texas Pacific Group and Providence Equity Partners, are in discussions with billionaire financier Kirk Kerkorian to buy his stake of more than 70 percent in MGM, sources said.

Current talks involve the three partners splitting a $1.5 billion cash payment and borrowing the rest to finance the deal, sources said.

MGM's jewel in the crown is the James Bond franchise, which Sony had agreed not to unofficially rival with Thunderball producer Kevin McClory, in order to settle rights for a Spiderman franchise.

Thanks to `Molly` for the alert.

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