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Metro-Goldwyn-Mayer, Hollywood's last major independent company, is bought by Sony
 Sony paid around $2.9bn cash for the studio, and also assumed MGM debts of around $1.9bn.
The deal gives Sony access to MGM's library of over 4,000 films, which they plan to use for video-on-demand services and new cable channels.
MGM, best known in recent years for the James Bond films, was the last major independent studio in Hollywood. The studio will continue to release films already in production, including the forthcoming remake of The Pink Panther, starring Steve Martin, as well as producing TV shows such as the science fiction hit Stargate SG-1.
US company 'Time Warner' also bid for the studio but it withdrew it's bid in September, saying it could not agree on a price.
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