MGM reels in offers for survival sell-off
Metro-Goldwyn-Mayer Inc, an iconic Hollywood studio that has fallen on hard times, said it has received several offers from suitors wanting to acquire it or keep it operating as a standalone company.
MGM said it will take several weeks to evaluate the offers, which came after six companies made proposals in January.
Not all of the six handed in offers, a person familiar with the process said yesterday. The person spoke on condition of anonymity because the offers are meant to be confidential.
It's not clear which companies are still in the running, but those expected to have proposed buying MGM outright were Time Warner Inc, Lions Gate Entertainment Corp, and Len Blavatnik's Access Industries.
Representatives of Time Warner, Lions Gate and Access declined to comment.
The offers to buy the studio had been due on Friday but MGM extended the process until yesterday as some bidders appeared to stall for time.
Both News Corp, which owns 20th Century Fox, and private equity firm Qualia Capital LLC had offered earlier to inject cash to keep MGM operating independently while it restructured its debt.
Representatives of News Corp and Qualia also declined to comment.