Media mogul Rupert Murdoch reckons MGM is not worth the asking price

One of the key topics at the annual Allen & Co media conference taking place in Australia this year was Sony's $5 billion bid for Hollywood studio Metro-Goldwyn-Mayer.

The News Corporation Ltd chairman, chief executive and media mogul Rupert Murdoch let everyone know upfront that he thought MGM might not be worth the money.

"Personally, I can't see the value, but I could be proved wrong," Mr Murdoch said yesterday from Idaho, where he is a guest of the annual conference.

Mr Murdoch said he would be "very surprised" if a purchase of MGM was negotiated by participants at the conference, who are expected to include Disney chief executive Michael Eisner, Sony Corp of America chief executive officer Howard Stringer, Time Warner CEO Richard Parsons and NBC Universal Television president Jeff Zucker.

Along with Robert Maxwell, Rupert Murdoch is said to be one of the main inspirations behind the "Tomorrow Never Dies" villain - Elliot Carver.

Thanks to `Steve` for the alert.

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