Sony says it is still in negotiations to buy MGM

Japanese electronics and entertainment conglomerate Sony Corp said on Wednesday it was still in talks to buy the Metro-Goldwyn-Mayer Inc. film studio, which is also talking to Time Warner Inc, reports Reuters.

Sony's chief financial officer, Katsumi Ihara, said in a speech to investors in Tokyo that he could not go into details but that talks were continuing, a Sony spokesman who was present said.

The event was closed to the media.

Sony is in talks to buy MGM for around $5 billion with partners Texas Pacific Group and Providence Equity Partners, but the two sides have been unable to hammer out an agreement.

MGM, the studio behind the James Bond films, has been in protracted merger talks since early this year with the group led by Sony and, more recently, with Time Warner.

Sources close to the talks have said Time Warner is now seen as the more likely candidate to buy MGM.

Thanks to `Ken` for the alert.

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