The first round of bids for MGM have been coming in - with a dozen companies having signed the studio's confidentiality agreements to take a look at the business, according to a report on Reuters.

Time Warner, Lions Gate Entertainment, Liberty Media, AT&T and Summit Entertainment are all thought to have expressed an interest, while News Corp is also likely to be in the mix.

Reuters said that first round offers are expected to come in between $1.5 billion and $2 billion. MGM owes $3.7 billion, however.

Bidders in the first round are not legally bound to follow up on their offer, although the bids are expected to help MGM assess the level of interest among potential buyers.

MGM owns around 4,000 film titles, including James Bond and Pink Panther franchises.

Advertisement