MGM Ups Vivendi Bid to $11.5B - Multichannel

MGM Ups Vivendi Bid to $11.5B

Author:
Publish date:

Metro-Goldwyn-Mayer Inc. raised its bid for Vivendi Universal Entertainment
to a whopping $11.5 billion, but the company wants parent Vivendi Universal to
fork over detailed information on its cable-carriage deals for networks like USA
Network, Sci Fi Channel and Trio as a condition of the new bid, CNBC reported
Monday night.

MGM wants a better look at Vivendi’s books -- including financial information
tied to the deals at its film library -- so it can value the company, CNBC’s
David Faber reported.

"We want the information and we want it soon," Faber said as MGM’s voice. "If
we don’t get it by July 21, well, you can forget $11.5 billion, or you can
forget $11.2 billion, which was the previous bid from MGM. We’re going
away."

MGM is competing with several other bidders for the Vivendi assets, including
Liberty Media Corp., Viacom Inc. and a group led by former Vivendi vice chairman
Edgar Bronfman Jr.

Related