MGM Sells Channels, Buys Out Icahn Ahead Of IPO

Law360, New York (August 1, 2012, 5:54 PM EDT) -- MGM Holdings Inc. said Wednesday that it sold most of its international television channels to Liberty Global Inc. subsidiary Chellomedia as reports swirled that the studio needed $590 million to buy back activist investor Carl Icahn's stake ahead of an initial public offering.

The studio's subsidiary, Metro-Goldwyn-Mayer Studios Inc., and Chellomedia did not disclose the deal's financial terms. An MGM spokesperson said the media Goliath was “not commenting on any financial aspects of the deal,” including the prospective purchase of Icahn's 25 percent MGM interest or...
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