09/25/2008 05:12 am ET Updated May 25, 2011

Merrill Lynch Looks To Revise MGM Deal After Tom Cruise's Business Partner's Exit

Merrill Lynch is examining its contract with United Artists as the beleaguered bank looks to revise the deal on more favorable terms, The Post has learned.

Merrill's goal is to see if studio parent Metro-Goldwyn-Mayer violated any terms by axing Paula Wagner - superstar Tom Cruises' movie partner - as UA's CEO.

Meanwhile, as a safeguard against Merrill's maneuvering, MGM has retained Goldman Sachs as a strategic adviser to raise equity for film financing as well as other alternatives, including a potential sale of the famed studio, according to three people involved in or close to the situation.

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