A consortium led by Japan's Sony Corporation has bought the Hollywood MGM Studio to mine MGM's lucrative library for the booming DVD market.

Sony, which already owns the Columbia Tristar studio, will pay 3 billion euros for MGM and its library of over 4,000 films, including the successful James Bond series.

Sony will also take over MGM's debts, valued at almost 2 billion euros.

In buying the group, Sony successfully outbid the world's largest media corporation, TimeWarner, parent company of the Warner Brothers Studio and New Line Cinema.

Source: CRIENGLISH.com