MGM Raised $600mn

Metro-Goldwyn-Mayer, the movie studio controlled by private-equity firms, is raising as much as $600 million to produce some of its biggest films including ``The Hobbit.'' The financing will be completed in about three weeks, Jeff Pryor, a spokesman for Los Angeles-based MGM, said yesterday in an interview. He declined to discuss terms or investors. MGM's would be the first movie fund completed since Deutsche Bank AG and Viacom Inc.'s Paramount Pictures scrapped plans last month to raise $450 million. [Bloomberg]