Ciao, Leo! A New Master at MGM

Leo, the roaring MGM lion, may be Hollywood's most enduring symbol, but lately he's been looking a bit shopworn. Last October financier Kirk Kerkorian agreed to sell MGM/UA to Australia's Qintex, but the deal collapsed when the buyer could not complete the financing. Talks with several other bidders have since fizzled. Last week Los Angeles-based Pathe Communications said it will pay $1.2 billion for the venerable studio, whose 1,000-film library includes James Bond, the Pink Panther and West Side Story. "A great day for Europe!" said Giancarlo Parretti, the Italian investor who controls Pathe, of the agreement. But some film industry...