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[from IMDb Movie/TV News]

Although news reports have suggested that Time Warner has taken the inside track in negotiations to buy MGM from billionaire Kirk Kerkorian, Sony is not planning to give up its own effort to win the Lion's den.

Sony CFO Katsumi Ihara told Bloomberg News today (Tuesday) that his company needs to buy the studio "for our pictures business to grow in the longer term." He indicated that Sony in particular has its eyes on the MGM library of more than 4,000 films and on the James Bond franchise.

If Time Warner acquired MGM, it would greatly facilitate the making of The Hobbit by Lord of the Rings director Peter Jackson and Time Warner divison New Line Cinema, as the movie rights to The Hobbit are held currently by MGM.

Published September 7, 2004

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