- Associated Press - Friday, October 29, 2010

LOS ANGELES (AP) - A person familiar with the matter says creditors of struggling Hollywood studio Metro-Goldwyn-Mayer have voted to approve a merger with Spyglass Entertainment with the backing of billionaire investor Carl Icahn.

The person was not authorized to speak publicly and spoke on condition of anonymity.

The person said that Icahn, a significant holder of MGM’s debt, voted for the Spyglass plan even though he had publicly supported a rival bid from Lions Gate Entertainment Corp., in exchange for representation on MGM’s board.

More than half of the creditors, holding more than two-thirds of the $4 billion in debt outstanding, needed to support the plan.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide