MGM Bidding Continues as Studio Gets Another Payment Extension
Bidding is still underway on MGM as the studio's debt holders extended another interest payment, according to the LOS ANGELES TIMES.
News Corp. has not made a formal bid, but has indicated interest along with a plan to provide the struggling studio with a cash infusion and help in restructuring its $3.7-billion debt.
News Corp. pegged the preliminary valuation for MGM at $1.5 billion yet it's not known if the company was included in the narrowed group of five parties chosen by MGM for a second round of bidding.
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