Sony tight-lipped on Time Warner 'bid'

Sony is staying tight-lipped over reports that Time Warner is bidding for Metro-Goldwyn-Mayer, according to hemscott.com.

The Wall Street Journal site reported this week that Time Warner has not made a written offer, but is discussing how to structure the deal.

Time Warner and MGM have reportedly made progress in how they will structure a deal, giving majority MGM shareholder Kirk Kerkorian unregistered private stock, while paying off remaining public shareholders in cash.

"We are not in a position to comment on the report. Sony continues to examine the possibility of completing the deal with MGM, but the process of negotiations has not been affected by the report," said a spokesman for Sony, who declined to be named.

Buying MGM would allow Sony to acquire the 80-year-old MGM Studio's 4,200-title library of post-1948 movies. With Sony's catalogue, that would create the industry's largest collection of movies.

At an MGM shareholders' meeting Tuesday, executives told investors the studio is exploring alternatives. There was no mention of a pending Sony deal.