Time Warner Drops MGM Bid

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Time Warner (TWX ) dropped its bid for Metro-Goldwyn-Mayer (MGM ) after a group of investors led by Sony (SNE ) increased its offer to nearly $5 billion, or $12 a share, and the assumption of $2 billion in debt, according to The Wall Street Journal . Time Warner Inc. gave a cash and stock offer on July 1 that valued MGM at about $4.7 billion.

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