MGM/UA No Longer for Sale: Jeffrey C....

MGM/UA No Longer for Sale: Jeffrey C. Barbakow, chairman, president and chief executive of MGM/UA Communications Co., said the studio, which had been on the verge of being sold last year, will no longer be actively seeking a buyer. “We have decided it’s time to get moving with this company,” Barbakow said at the company’s annual shareholders meeting at the Beverly Hilton. Barbakow’s announcement signifies that MGM/UA, which has been trying to sell itself for more than a year, appears to be moving back into the movie-making business. MGM/UA had drastically cut back its production and development activities. MGM released 26 movies in 1989.