NEW YORK (Reuters) – Access Industries, Russian billionaire Len Blavatnik’s holding company, has dropped out of the auction for Metro-Goldwyn-Mayer as the studio’s creditors meet with Hollywood experts to conduct due diligence on a standalone plan, sources familiar with the matter said. The lenders’ steering committee, led by JPMorgan Chase & Co (JPM.N), Highland Capital [...]

NEW YORK/LOS ANGELES, March 25 (Reuters) – Lions Gate Entertainment Corp (LGF.N) has decided it will not increase its offer for Metro-Goldwyn-Mayer, after being told it was outbid by Time Warner Inc (TWX.N), two sources familiar with the matter told Reuters on Thursday. Lions Gate and billionaire Len Blavatnik’s industrial holding company Access Industries had [...]

NEW YORK (Reuters) – Time Warner Inc (TWX.N) joined Lions Gate Entertainment (LGF.N) and Access Industries in bidding for MGM, a source said, adding that the three bids range from $1.2 billion to $1.5 billion. The deadline for a second round of bids for MGM was unofficially extended after Time Warner, the most likely buyer [...]

NEW YORK (Reuters) – Lions Gate Entertainment (LGF.N) and billionaire Len Blavatnik’s industrial holding company Access Industries have put in second-round bids for Metro-Goldwyn-Mayer, but Time Warner Inc (TWX.N) is still considering a bid, sources told Reuters on Monday. The deadline for a second round of bids for MGM was unofficially extended after Time Warner, [...]

NEW YORK (Reuters) – Storied Hollywood studio Metro-Goldwyn-Mayer may opt for a stand-alone plan if bids disappoint, and creditors are expected to meet early next week as the company sifts through expected offers, sources said.

The studio, struggling with $3.7 billion of debt, said in November it was exploring a potential sale of the company. It said at the time its other options included operating as a stand-alone entity or forming strategic partnerships.

Second-round bids were due on Friday but it was not immediately clear how many firms submitted offers.

LOS ANGELES (Reuters) – Six companies are expected to make binding offers for storied Hollywood studio Metro-Goldwyn-Mayer by a newly set March 19 deadline, a source familiar with the situation said on Tuesday. Those expected to participate in the new round of bidding include Time Warner (TWX.N), Lions Gate (LGF.N), Liberty Media Corp (LINTA.O), Access [...]

NEW YORK (Reuters) – Metro-Goldwyn-Mayer, which has received several first-round bids in an auction to sell itself, is considering a prepackaged bankruptcy along with a sale, sources familiar with the matter said. The studio, which has $3.7 billion in debt, could reduce liabilities and clean up its balance sheet in a prepackaged bankruptcy, leaving its [...]

NEW YORK (Reuters) – First-round bids for the debt-ridden MGM studio were due Friday afternoon, but most of the bids are expected to trickle in through the weekend, sources familiar with the matter said. It was unclear if any bids had come in as of late Friday, and two of the sources said bids could [...]

NEW YORK (Reuters) – Time Warner Inc (TWX.N), Lions Gate Entertainment (LGF.N) and private equity firms are among those weighing potential offers for the debt-ridden MGM studio, but no bids have come in yet, several sources familiar with the matter said. First-round bids are due this Friday, and the 12 companies that signed MGM’s confidentiality [...]

NEW YORK (Reuters) – First-round bids for Metro-Goldwyn-Mayer will come in later than initially expected because negotiations over confidentiality agreements have slowed down the sale process, sources familiar with the matter said on Thursday. MGM, the famed film studio that said in November it was exploring a potential sale, has sent out a sales prospectus [...]