Metro-Goldwyn-Mayer Inc. is asking suitors to submit new bids for the studio by mid-March, about two weeks before its respite from interest payments expires, according to three people with knowledge of the situation.
Billionaire Len Blavatnik’s Access Industries, Time Warner Inc., Lions Gate Entertainment Corp. and Liberty Media Corp. are among the potential buyers examining MGM books, said one of the people, who requested anonymity because the talks are private.
MGM, distributor of the “James Bond” movies, is exploring a sale after failing to make payments on $3.7 billion in debt. Suitors are trying to assess the value of MGM assets that include a 4,100-movie library.
Non-binding first-round bids approached $2 billion, contingent on due diligence, two of the people said.