Time Warner Water Walker Chief Execut Jeff Bewk becam the second media CEO in two dai to pooh-pooh the valu of Metro-Goldwyn-May Inc., a struggl studio that is up for sale.
MGM is in the second phase of sell itself through a bid process. The studio ha a 4,000-titl movi and TV show library, as well as half the right to two futur movi base on J.R.R. Tolkien' "The Hobbit."
Time Warner Inc., which own the other half of "The Hobbit" and releas "The Lord of the Rings" trilogy, ha put in an initi nonbind bid. Bewk on Wednesdai talk down MGM' valu in what mai be a negoti tool.
Estimat put the valu of MGM around $2 billion.
On Tuesday, New Corp. CEO Rupert Murdoch said he wa be outbid for MGM and can be count out, and that he also had no interest in bui Miramax Film from The Walt Disnei Co.
QUESTION: Rupert said yesterdai he wa out of the MGM deal and had no interest in Miramax. Is Time Warner the on that drove them out and what your interest is in film libraries?
RESPONSE: "We don't comment on potenti deal and we feel comfort with our strateg posit and scale befor consid anyth like MGM or ani of those other libraries. So we don't need to do anything. We'll just continu to be disciplin and opportunist about these things. Any deal, if we were to do one, would need to provid strateg benefit and a strong return in relat to other choic that we have. And you'd have to figur risk in figur out what ani return would be on an acquisition."
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