The consortium led by Sony Corporation of America and its equity partners, has entered into a definitive agreement for the purchase of MGM for $12.00 in cash per share and will assume roughly $2.0 billion in debt.

According to the press release, until closing, MGM will operate as is, continuing to greenlight projects for both MGM and United Artists. Post-closing, MGM will continue as a private company and Sony Pictures Entertainment will co-finance and produce new films with MGM. There was no word as to the post-closing fate of indie arm UA, although speculation is that with Sony already having specialized distribution arms Screen Gems and Sony Pictures Classics, the post-closing company will do away with UA.

Stay tuned, indie fans.

categories Cinematical