[Lotr_announce] BREAKING NEWS: Time Warner drops MGM bid

[Michael Regina (Xoanon)]

Time Warner drops MGM bid - Hobbit Shelved?

NEW YORK (CNN/Money) - Time Warner Inc. said Monday it would no longer
pursue film studio Metro-Goldwyn-Meyer Inc., saying the entertainment
companies failed to reach an agreement on price. "Although MGM is a valuable
asset, we have decided to withdraw our bid," Dick Parsons, chief executive
of Time Warner, said in a statement. "Unfortunately, Time Warner could not
reach agreement with MGM at a price that would have represented a prudent
use of our growing financial capacity."

http://www.theonering.net/perl/newsview/1/1095096061

----------------------------------------------------------
Michael Regina (Xoanon)   Editor in Chief/Segment Producer
xoanon@theonering.net     TheOneRing.net <http://TheOneRing.net>  /
KongisKing.net
PH: 514.947.5221
ICQ: 32063161
AOL: MVCR718
----------------------------------------------------------