Sony has finally signed a deal to acquire MGM. The total price tag was put at about $5 billion.
Sony will assume MGM's $1.9 billion in debt and "The Lion" gets a $150 million deposit with the offer which was months in the making.
Time-Warner was in a bidding war with Sony over the studio but pulled out, refusing to pay over $11 per share. Sony's bid was $12 per share -- a total of $2.94 billion.
Sony, also the owner of Sony Pictures and Columbia TriStar, receives control of MGM's immense library of 4,100 films. The catalog's crown jewels are the James Bond and Pink Panther franchises.
