Time Warner Said to Lead Bidding for MGM
NEW YORK (
) --
Time Warner
(TWX)
has put in the highest bid for Hollywood studio Metro-Goldwyn-Mayer, a report says.
Time Warner,
Lions Gate Entertainment
(LGF)
and billionaire Len Blavatnik's Access Industries put up rival bids of $1.2 billion to $1.5 billion for MGM,
Reuters
reports, citing sources familiar with the matter, with Time Warner putting in the highest bid of the three.
The studio said in a statement on Monday it "received a number of bids" which it will review over the next "several weeks." A committee of MGM's creditors is expected to meet on Tuesday and will assess the company's situation,
Reuters
says. The offers are far less than MGM's expectations for bids of about $2 billion.
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