NEW YORK ( TheStreet) -- 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. Follow TheStreet.com on Twitter and become a fan on Facebook.