YEREVAN, APRIL 30. ARMINFO. US billionaire Kirk Krkoryan is negotiating the sale of its Metro-Goldwyn-Mayer studio to Sony.
The parties stopped their talks in 2001 because of disagreement over the price but Sony still wants to buy MGM. The objective is to get the studio’s 4,000 film archive and to convert them into DVD. This will reinforce the company’s positions on DVD market.
Krkoryan is expected to ask $5 bln including commitment to repay MGM’s debts. This will give the billionaire net profit of $1.4 bln.
This is the third time Krkoryan is buying and selling MGM. He invested $3 bln in the studio leading it into profit since 1996 when he last bought its 74% stake.
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