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, the most likely buyer for the famed studio, did not put in a bid by the initial deadline on Friday, sources familiar with the matter said.
Bids for MGM were still being considered on Monday, two days after the Friday deadline, the sources said. As of mid-day Monday, Time Warner had not put in a bid.
The value of these offers is likely to be less than $1.5 billion, far less than the level MGM was initially expecting, the sources said.
The sources spoke on condition of anonymity because details of the auction have not yet been made public.
MGM, Lions Gate, Access and Time Warner declined comment. (Reporting by Jui Chakravorty, Yinka Adegoke and Alex Dobuzinskis)