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Chernin Sets Sights On MGM

Ex-News Corp. CEO Peter Chernin wants Metro-Goldwyn-Mayer, owned by his old boss. While News Corp. bankrolls Chernin's new Fox production company, it has no plan to bid for MGM, with or without Chernin's involvement, there is one possibility that could see the two unite. Sources say he could fold the Fox deals in MGM and oversee all new productions made under the historic trademark, including any James Bond sequels and movies based on "The Hobbit."

Chernin would have an equity stake in the entity, but News Corp. would be the primary owner with or without a financial partner(s) if it were to fund an acquisition of MGM, which has about 4,000 titles in its library. This scenario give Chernin a way to leverage his production assets and revitalize new production at MGM.

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