January 15 Deadline Set for MGM Bids

LOS ANGELES: Debt-laden MGM has reportedly set January 15 as the deadline to receive bids from those interested in acquiring the studio.

In November, MGM announced it was exploring its options, including a sale or a merger with another media company. It is burdened with a $4 billion debt, the remnant of the 2004 buyout of the studio by a consortium that included Sony, Comcast, Providence Equity Partners and the Quadrangle Group.

Reports indicate that about 12 outfits have signed non-disclosure agreements granting them access to review MGM’s finances. They have till January 15 to submit a formal bid. Time Warner and Lionsgate are rumored to be among those interested in MGM.