MGM Bids Extended for a Second Round
MGM garnered more than a half-dozen bids to acquire all or part of the studio, according to THE HOLLYWOOD REPORTER, but the process is being extended for a second round.
None of the bids surpassed $2 billion and MGM currently owes almost 150 lenders a cumulative $3.7 billion. Warner Bros., Lionsgate, Liberty Media, AT&T, Summit Entertainment, Reliance Big Entertainment, and Elliot Management are all completing reviews of financial documents. Fox, which came to the process late, is also conducting its due diligence.