European Commission Clears Proposed Acquisition of Metro-Goldwyn-Mayer Inc.

NEW YORK (Metro-Goldwyn-Mayer Inc./ www.mgm.com) - Metro-Goldwyn-Mayer Inc. together with LOC Acquisition Company, a consortium comprised of Sony Corporation of America, Providence Equity Partners, Texas Pacific Group, Comcast Corporation and DLJ Merchant Banking Partners, announced today that the European Commission has unconditionally approved the previously announced agreement under which LOC Acquisition Company will acquire MGM.
The European Commission declared the proposed acquisition to be compatible with the common market, pursuant to Article 6.1(b) of Council Regulation No.139/2004, without requiring any commitments from the parties.

As previously announced, the proposed acquisition received US antitrust regulatory approval when the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired in December, 2004.
Subject to the financing necessary to complete the proposed acquisition being consummated and the other closing conditions contained in the Agreement and Plan of Merger, the parties expect to close the transaction before mid-April.