MGM Studios

exited

Media / Entertainment — Sony / TPG / Providence / Quadrangle / DLJ

Deal Terms

Entry Year2005

Entry EV$4.8B

Entry Multiple10x

Leverage6x

Debt Amount$3.7B

Outcome

Exit Year2022

Risk Metrics

LTV (est.)77%

Debt / EV0.77x

Notes

PE consortium bought MGM Studios for $4.8B (2005) from Kirk Kerkorian. Loaded $3.7B debt. Filed Chapter 11 Nov 2010 — PE equity wiped out. Emerged under new ownership. Amazon bought MGM for $8.5B (2022). PE owners of the LBO got nothing — post-bankruptcy investors won.

Sponsor

TPG Inc.$230B AUM