Los Angeles Business Journal

MGM Will Buy Out Icahn

Originally published August 1, 2012 at 9:07 a.m., updated August 1, 2012 at 1:15 p.m.

Carl Icahn, who only a year ago hoped to combine two studios and create an entertainment empire, has retreated from Hollywood by selling his stake in Metro- Goldwyn-Mayer, sources told the Los Angeles Times and Wall Street Journal. MGM Holdings Inc. agreed July 29 to repurchase Icahn's roughly 25 percent of shares for an estimated $590 million.