MGM Holders Approve Acquisition by LOC

Entertainment giant Metro-Goldwyn-Mayer Inc. said Friday that its shareholders approved the sale of the company to LOC Acquisition Co., a consortium made up of Sony Corp., Comcast Corp., Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners.

Under the deal, first announced in September, the Sony-led group will pay $12 in cash for each MGM share, or about $2.94 billion, and will assume about $2 billion in debt from MGM. The investor group committed to $1.6 billion in financing for the acquisition, with Providence Equity contributing $525 million, Texas Pacific Group contributing $350 million, Sony contributing $300 million, Comcast adding $300 million and DLJ investing $125 million.