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MGM to buy former CEO's stake

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MGM to buy former CEO's stake

MGM Holdings Inc. agreed to buy former CEO Gary Barber's remaining equity stake in the company for $260 million.

The stake included 274,392 shares of common stock and 3,883,529 stock options, which were equivalent to 2,302,572 shares of common stock on a net basis, the company said June 14.

As part of the purchase agreement, MGM and Barber agreed to customary standstill provisions with respect to MGM-related matters for a three-year period. The company will fund the transaction via a combination of MGM's cash on hand and utilization of its credit facility.

MGM Holdings unit Metro-Goldwyn-Mayer Inc. is an entertainment company focused on the production and global distribution of film and television content across all platforms.