MGM Weighs its Options

LOS ANGELES: MGM says it is evaluating bids for the company, which reportedly include a $1.5 billion offer from Time Warner.

The studio says it has received "a number of bids as part of its ongoing process of exploring strategic alternatives, which include continuing to operate as a standalone entity and evaluating a potential sale of the company." As it evaluates the offers, the studio is also working with lenders to extend the deadline for paying interest on its $3.7 billion debt. Reports indicate that Time Warner has made a $1.5 billion all-cash offer, which is said to be higher than the price offered by Access Industries and Lionsgate.