Six Companies Expected to Vie for MGM
It’s a tale that’s become all too familiar to American ears: Debt leads large company to falter financially and look at filing bankruptcy as an option. So goes the plight of MGM, the 86-year-old studio responsible for iconic films like The Wizard of Oz and Gone With the Wind. Last November, the company announced that it was up for sale after struggling since a 2005 buyout left it riddled with debt.
Now the bidders have begun assembling, and the main participants seem to be Time Warner, Lions Gate, Liberty Media Corp, Access Industries and Elliott Management. According to Reuters, Twilight parent Summit Entertainment could potentially be interested as well. Some of these companies already took part in a round of bidding, but now this is the real deal, as MGM has set a March 19 deadline.
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