The much-heralded Metro-Goldwyn-Mayer (NYSE:MGM) reported its first-quarter earnings today and might be running its last reels as an acquisition target.

MGM's first order of business was reporting a loss of $0.09 per share, versus a loss of $0.22 in the year-ago period, which was pretty much in line with expectations. Impressive in the announcement was the company's 17% revenue increase, largely spurred by a 44% gain in worldwide sales of home videos and 58% higher DVD shipments.

With its earnings in line, MGM continues to be a prime takeover candidate. There are reportedly a number of suitors, including Sony (NYSE:SNE) and Comcast (NASDAQ:CMCSA). Even Time Warner's (NYSE:TWX) name has been thrown into the ring. To counteract this interest, the company recently declared an $8 special dividend to discourage investors from selling their shares ahead of a potential buyout.

MGM's movies, such as Barbershop 2: Back in Business;Walking Tall; and Agent Cody Banks: Destination London, pulled in a respectable $127 million combined, but were far from being blockbusters. The company's obvious value as an acquisition target is its extensive 4,000-title-plus film library. An acquisition by Comcast would make complete sense, but it probably won't happen because while Comcast was busy making overtures to Disney (NYSE:DIS), Sony slipped in to woo MGM.

MGM has worked hard on its operations to get the perfect close-up (or should that be close-out?). Its solid filmmaking skills have not waned over the generations and it has become quite the little cash-generator.

If I were Comcast's management, I would circle the wagons pronto and hustle to acquire MGM. Comcast would be paying a fraction of the cost ($6 billion vs. the $60 billion offer for Disney) to get an entertainment industry pure play with a potential monumental reduction in Eisner-like headaches.

Sony, if you're out there, I would sprint to get the MGM deal done before it slips out from under you.

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Fool contributor Phil Wohl spent over 12 years on Wall Street and now concentrates his writing on more fictional characters. He has no stake in any firm mentioned above.