KERKORIAN TO BUY MORE MGM STOCK.(BUSINESS)

Byline: Associated Press

LOS ANGELES -- Kirk Kerkorian will increase his stake in the troubled Metro-Goldwyn-Mayer film studio to 90 percent by buying out his Australian partner, Seven Network, in a $389 million deal.

Kerkorian's Tracinda Corp. will pay $24 per share for Seven Network's 25 percent stake, well above Wednesday's midafternoon trading price of $18 per share. Kerkorian already owns 65 percent of the studio.

``We have thoroughly enjoyed our relationship with Kirk Kerkorian and MGM,'' Seven Chairman Kerry Stokes said in a news release Wednesday. ``However, due to economic conditions in our region, we felt that our capital could be much …