Sony Confirms It Is in Talks With MGM

Sony Corp. confirmed that it was in exclusive negotiations with Metro-Goldwyn-Mayer Inc. on a possible takeover of the movie studio, which could bolster its film library but put a dent in its finances.

Sony Vice Chairman Howard Stringer said at the electronics and entertainment conglomerate’s annual strategy meeting that it was “preparing an exclusive analysis” of MGM and that it was “four or five days” into a 20-day negotiating period.

Representatives of MGM and Sony have previously declined to comment on reports about such negotiations.

The deal would provide Sony with access to MGM’s 4,000-plus film library to fulfill Chief Executive Nobuyuki Idei’s vision of an interconnected world linking content with Sony’s electronics.