Shanghai Film Group considering acquisition of MGM
Shanghai Film Group Corp may purchase partial or entire equities of Metro-Goldwyn-Mayer Inc or MGM, who filed for bankruptcy on Nov. 3 due to US$4 billion of debts, sources reported to China Knowledge Online.
Ren Zhonglun, president of the Chinese company, did not deny the report and said that Shanghai Film Group is in talks to acquire several cinemas in the eastern regions of the U.S.
It is a good choice for Chinese film producers to enter the global market through international acquisitions, Ren added.
Nov. 8, other media firms in China, such as China Film Group Corp, Beijing Polybona Film Distribution Co Ltd and Huayi Brothers Media Group, all denied that they have intention to buy into MGM.
Shanghai Film Group, a film, animation and documentary production company owned by Shanghai Media & Entertainment Group, has several studios in China, including Shanghai Film Studio, Shanghai Animation Film Studio, Shanghai Documentary Film Studio and Shanghai Dubbing Studio.
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