Time Warner has emerged as the front runner to buy film studio MGM, according to internet reports.
The Times reported that offers were understood to be in the region of $1.5 billion, with Lionsgate Entertainment also said to have put in a second round bid for the firm.
In a statement, MGM said 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".
Another option is thought to be a pre-packaged bankruptcy, with or without a sale, according to The Times. MGM has debt of $3.7 billion.