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Studios for Sale
Bids on two big-name properties in Hollywood -- Miramax and Metro-Goldwyn-Mayer -- are due on today, and names of potential bidders are beginning to surface, according to a Reuters report.
For Miramax, which is being sold off by The Walt Disney Co., two names that are mentioned in the Reuters report come from the world of private equity: Mesa Global and Beverly Hills' Platinum Equity.
The Mesa bid could come with a partner, the report said.
Reuters said that Disney is looking for at least $650 million, which has scared off smaller studios such as Summit Entertainment and Lions Gate Entertainment Corp.
Both studios have also been linked with MGM as well.
The report said that MGM, which is owned by a consortium that includes both media companies and private equity, could fetch around $1.5 billion, but the group is still considering filing for Chapter 11 and restructuring the studio.
Rick Johnston is an associate editor of Portfolio.com.
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