Report says development could add wild card complex landscape
Kirk Kerkorian, who bought and sold MGM three times, is on the prowl for acquisitions in the entertainment business but not necessarily another run at the Lion.Jay Rakow, an exec at the billionaire’s investment company Tracinda, told Variety Monday that MGM “is not for sale, so they have not been in contact with us and we have not been in contacted with them.” But Rakow confirmed that Kerkorian is looking at all types of deals including online film distribution, and in emerging markets. Tracinda had hired MGM’s former chief operating officer Charles Cohen to head the search and taken on investment banker Raine Group to advise him. The details were first reported in the Wall Street Journal. Kerkorian is looking at the sector “because of expanded methods of distribution on the web and the untapped worldwide market. We’re beginning our process,” Rakow said, and everything is on the table. Kerkorian last exited MGM and the movie biz in 2005 when he sold the studio for $5 billion to a consortium led by Sony Corp. and including Comcast and private equity firms Providence Equity Partners and Texas Pacific Group. The deal didn’t go well for the buyers and debt-laden MGM filed for bankruptcy in 2010. It emerged last year restructured and under new management.