UPDATE: This appears to be an effort by MGM to raise cash to buy Carl Icahn’s 25% stake in the studio, according to the LA Times. Here’s our previous story: Does Carl Icahn Selling MGM Stake Clear Way For IPO?
Metro-Goldwyn-Mayer Studios Inc. (MGM) and Chellomedia, the international content division of Liberty Global, Inc., announced today a transaction in which Chellomedia has acquired MGM Networks Inc (“MGM Networks”).
MGM will retain its network businesses in US, Canada, UK, Germany and its joint venture interests in Brazil and Australia.
The acquisition gives Chellomedia ownership of MGM Networks’ channels in Spain, Turkey, Israel, Benelux and Poland, India and South East Asia, along with the pan-EMEA Channel and its associated feeds. In addition, Chellomedia has acquired the remaining 50% of MGM Latin America, which Liberty Global and MGM have operated as a joint venture since 1998, as well as the balance of its JV in Central Europe.