Word: mgm
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...raising enough financing to make a cash bid for CBS or perhaps staging a proxy fight for control of the network at its annual meeting next spring. Meanwhile, reports at week's end suggested that the broadcast maverick may already have his eyes on another takeover target: entertainment giant MGM-UA. ENTERTAINMENT Ratin' Rock 'n' Roll...
...third of the purchase price by spinning off United Artists for $470 million and selling it back for $9 a share to Financier Kirk Kerkorian, who owns 50.1% of MGM/UA's stock. The slimmed-down United Artists will have few assets other than its film library. In contrast, MGM will retain its extensive film and TV production and distribution operations, including the 24 sound stages on its 44-acre Culver City lot and an impressive library of 2,200 films (including Gone With the Wind, The Wizard of Oz, Singin' in the Rain and 2001: A Space Odyssey...
Soon after the MGM news broke, Turner arranged simultaneous press conferences in New York City, Moscow, London and Phoenix, which were broadcast live on his SuperStation WTBS, to announce a groundbreaking agreement with the Soviet Union. As Turner grinned at reporters at New York's Waldorf-Astoria Hotel, TBS Executive Vice President Robert Wussler clasped hands with Soviet sports officials in Moscow. Turner said that TBS and the Soviets would co-produce and broadcast the Goodwill Games from Moscow next July. The games are expected to draw top athletes from around the world for 160 events, and will be repeated...
...several of today's leading men. In one sense, the dilemma of gays is no different in show business than it is in any other business. Many are afraid, usually with justification, that acknowledgment of their private lives will damage and perhaps ruin their careers, whether they work at MGM or General Motors...
Streisand reneges, or Auerbach misunderstands. In any case, Bach is canned, United Artists is sold to MGM, and La Ronde, Hollywood executive-style, continues. Bach writes about all these shenanigans with due sardonic edge, and includes deft vignettes about Robert De Niro, Woody Allen, Peter Sellers and Martin Scorsese. But his portrait of Cimino, who did not cooperate in the writing of the book, strains for a balance that Bach finally cannot strike. He berates Cimino for rampant egomania and describes a conflict of interest regarding the director's choice of a location. Land that United Artists had cleared...