Thaindian News

By Meena Kar
Los Angeles, March 24, (THAINDIAN NEWS) Time Warner according to reports has bid the highest till now for the MGM take over. The Metro-Goldwyn-Mayer studio which is under debt of $3.7 billion had set to auction the MGM Company and the MGM library which contains classics like franchises of James Bond and Pink Panther along with some others. In the second round of bidding three companies emerged to bid between the amounts $1.2 billion to $1.5 billion reportedly. Apart from Time Warner the other bidders were Access Industries and Lions Gate Entertainment Corporation.

However, the MGM Company is not very satisfied with the bid. According to reports a source has revealed to the media that the company which carries the burden of $3.7 billion hoped that the initial bidding would be around 2 billion. In the initial period there were many companies who showed interest in bidding for the company, which included many rival companies of MGM. However, many have stepped back and did not turn round later. MGM which once held a leading position in the world of Hollywood films had incurred the huge debt and is now hopping that it will be able to have some more forbearance period on its bank debt which expires on March 31. Last November the company had declared that it would sell MGM to pay the debt.

The officials of the Time Warner Company have denied commenting on the latest proceedings. The officials of Access Industries and Lions Gate Entertainment Corporation have also declined to comment on the reports. So far, things remain uncertain as the last date of the second round bid has been set until Friday, Mar 26.