Movies

Seven companies take part first round of MGM bid

MUMBAI: With a non-binding offer expected soon from Fox, seven companies have placed offers to buy MGM in the first round bidding exercise.


Warner Bros., Lionsgate and Elliott Management -- an investor in producer Relativity Media -- were among those who made first-round offers. It will be learnt next week if they have made it into a second round or not.


All first-round offers, part of a solicitation process launched last month by MGM consultant Moelis & Co., fell short of the $2 billion target for selling the Lion. But with those holding $3.7 billion in MGM debt pressing for a change in ownership, a lesser sum might work out things.


First-round offers were allowed only on the entire studio. It‘s unclear if a la carte bidding on select MGM assets or on film rights to the James Bond franchise would be allowed in the next round.


Lionsgate is considered likely to file a second-round bid for the entire company. So far, the mini-major has offered $1.5 billion to buy the studio, it is learnt.


None of the first-round offers was well detailed, hence the debt holders will be anxious to get a better sense of the seriousness of those bidders.


Lion owners include Providence Equity, TPG Capital, Sony, Comcast, DLJ Merchant and Quadrangle.Companies reviewing MGM financial data have included Fox, Warner Bros., Lionsgate, Liberty Media, AT&T, Summit Entertainment, Reliance Big Entertainment and Elliott.

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