Three bidders participate in MGM auction

Three potential backers are understood to have participated in the second round of bidding for MGM, which closed yesterday after being extended from Friday 19th March.

Lions Gate Entertainment, Time Warner and Access Industries are all understood to have participated in the auction, although the offers they have made fall some way short of what had been hoped for.

MGM released a statement last night saying that it had 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.”

While many people believe the auction is delaying pre-production work on Bond 23, the fact that The Hobbit – another MGM production – appears to have been given the green light for filming later this year may mean we see some movement shortly.

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