Word: kerkorian
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Dates: during 1990-1999
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...MGM/UA Communications and would make "the lion roar as it did in its heyday." This time he may not eat his words. After months of legal and financial maneuvers, Parretti's Pathe Communications is expected this week to wrap up the $1.3 billion acquisition of MGM/UA from financier Kirk Kerkorian...
More glitz is on the way. MGM Grand, whose largest stockholder is flamboyant financier Kirk Kerkorian, plans to open a $700 million, 5,000-room hotel and movie-studio theme park in 1992. Attractions at the park will include demonstrations of how films are made. Says Fred Benninger, chairman of MGM Grand: "I think the trend of bare-breasted chorus girls and all that has become passe. People are no longer interested...
...roaring MGM lion, may be Hollywood's most enduring symbol, but lately he's been looking a bit shopworn. Last October financier Kirk Kerkorian agreed to sell MGM/UA to Australia's Qintex, but the deal collapsed when the buyer could not complete the financing. Talks with several other bidders have since fizzled. Last week Los Angeles-based Pathe Communications said it will pay $1.2 billion for the venerable studio, whose 1,000-film library includes James Bond, the Pink Panther and West Side Story. "A great day for Europe!" said Giancarlo Parretti, the Italian investor who controls Pathe...
Though Parretti took over the foundering Cannon Group last year (and renamed it Pathe Communications), he has run short of cash trying to buy several other film companies. To reassure Kerkorian's team, Parretti has agreed to place $200 million in an escrow account. If the deal falls through, MGM/UA keeps the cash and Parretti gets a 12% stake in the studio...