Movie company seeks buyer

LOS ANGELES (AP) - Struggling movie studio Metro-Goldwyn-Mayer
Inc. is looking for a buyer.

The home of the James Bond and Pink Panther franchises said
Friday it has begun to explore strategic options including "a
potential sale of the company."

In a statement, MGM also said its lenders have agreed to grant
the company another brief respite until the end of January from
interest payments on nearly $4 billion in debt.

The studio owes $3.7 billion to a total 140 lenders in the form
of bonds maturing in mid-2012.

It also has a $250 million revolving credit facility with
JPMorgan due in April.

MGM was taken private for nearly $5 billion in 2005 by a group
of private equity firms, Sony Corp. and Comcast Corp.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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