According to a story posted in Variety yesterday troubled Hollywood studio MGM has set March 19th as the closing date for bids on its assets.
Six bidders were invited to participate in this second round of bidding after allowing them access to internal accounts. Two of these bidders are believed to be Time Warner and Lionsgate, with the former sitting on a $5 billion cash pile thanks to the sale of its cable systems last year.
One company that won’t be bidding, according to The Wrap, is News Corp. A proposal back in January involving a cash infusion and debt restructuring received no response from MGM and News Corp. has no intention of bidding before MGM’s deadline.
MGM is due to make a $259 million repayment in April, with a further $1 billion – out of a $3,7 billion debt – due to be repaid in July.