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November 15, 2009

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MGM studio to sell $750 mil. in stock

Wednesday, July 14, 1999 | 11:59 a.m.

SANTA MONICA, Calif. -- Metro-Goldwyn-Mayer Inc. said it has filed with the Securities and Exchange Commission to sell $750 million in stock to pay debts, cover restructuring costs and raise working cash.

Money from the stock sale will cover restructuring expenses, reduce bank debt and raise money for increased film and television production, MGM said Tuesday.

Billionaire Kirk Kerkorian's Tracinda Corp., which owns most of MGM's shares, supports the stock sale and is willing to buy any shares not purchased by existing stockholders and the public.

Kerkorian also controls MGM Grand Inc., the Las Vegas casino company.

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