Sony passed on chance to buy MGM, WSJ says

Sony Pictures at one time passed on a chance to outright buy Metro-Goldwyn-Mayer, the home studio of James Bond, The Wall Street Journal reported.

The Journal doesn’t specify exactly when this occurred. But, based on the story by Ben Fritz, it was before MGM reorganized during a 2010 bankruptcy. Here’s the key excerpt:

Sony Pictures executives discussed buying Metro-Goldwyn-Mayer, whose James Bond movies Sony had distributed for years. Instead MGM reorganized itself into an independent venture. Other potential acquisitions targets for Sony included DreamWorks Animation and pay-cable network Starz, according to employees. Lions Gate Entertainment Corp. ended up buying the network.

“There was a cautious business philosophy where we did not want to take big swings,” said a former Sony Pictures executive.

The story concerns both Sony Pictures and Paramount described as “Hollywood’s two worst-performing movie studios” by the Journal.

Paramount missed its own opportunity. It initially released movies produced by Marvel Studios. But Walt Disney Co. moved in and bought Marvel.

Sony has released the past four James Bond films, starting with 2006’s Casino Royale. Sony’s most recent two-picture 007 distribution deal expired with SPECTRE. Under that contract, Sony co-financed the films but only got 25 percent of the profits.

The Journal recently reported that MGM’s attempts to sell itself to a Chinese buyer fell apart last year.

Regardless, MGM has no distribution agreement for Bond 25. The studio and Danjaq (parent company of Eon Productions) control the Bond franchise.

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