MGM, the fabled but debt-hobbled studio, has set up an online site with its data and is parceling out access as it prepares to launch an auction pressed by its debt holders.
A first round of bids are expected shortly after Thanksgiving from companies that have been given access to the online site — so far that’s Warner Brothers and Fox, according to a source with knowledge of the bidding. But even if Warner and Fox submit bids, those bids aren’t likely to be the end of the MGM drama. Instead, holders of the studio’s $3.7 billion in debt are expected to use what are expected to be all-cash bids from those studios as the starting point in their decision as to the “strategic alternatives” they choose to take.
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