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MEDIA
Time seen making bid for MGM
Time Warner made a bid valued at about $3 bil for the movie studio, challenging Sony's $3 bil bid, according to published reports. Time Warner is offering $13 a share for public shareholders, plus assuming nearly $2 bil in debt. Sony, whose exclusive 15-day negotiation period expired in May, hasn't been able to close the deal due to a snag with its financial partners on financing terms for the $1.5 bil it needs. MGM rose 4.5% to 12.66.
** Sony Pictures Entertainment said "Spider-Man 2" set a box office record with $40.5 mil on opening day. Sony rose 0.5% to 38.26.
Viacom eyes sports firm's stock
The media firm, which currently owns 38% of SportsLine.com's common stock, is seeking to acquire the common stock it doesn't already own for $1.50 a share in cash. SportsLine had 42.8 mil shares outstanding in Q1; the deal is worth $39.8 mil, a 39% premium over the Internet sports media firm's closing price on Wed. SportsLine.com said it will ...