MGM Postpones Annual Shareholder Meeting5 May, 2004 By: Erik Gruenwedel
Citing “strategic alternatives,” film studio Metro-Goldwyn-Mayer said Wednesday it is delaying its annual shareholders meeting from May 12 to June 29.
In a statement, MGM said it required the additional time so company officials could “evaluate such alternatives.”
With more than 10,000 catalog titles and the reported object of multibillion-dollar acquisition bids from Sony and Time Warner, MGM last week said it would issue an $8 per share dividend totaling $1.9 billion.
A 58 percent increase in global DVD sales helped MGM to slash by 62 percent a first-quarter net loss of $21.3 million (ended March 31) from $55.8 million during the same period last year.
An MGM spokesperson was unavailable for comment.