MGM update: another bidder may drop out

On the Metro-Goldwyn-Mayer Inc. front, another bidder may be dropping out.

Billionaire Len Blavatnik’s Access Industries is looking at ending its attempts to buy MGM, according to a March 31 story on Bloomberg.com by Ronald Grover, a veteran Los Angeles-based journalist, and Serena Saitto.

The reason, according to the article is this:

Access Industries, vying for control of the Los Angeles- based studio with Time Warner Inc. and Qualia Capital, hasn’t received a response to its restructuring proposal from MGM or its creditors. The story cites a person with knowledge of the situation.

A few days earlier, Lions Gate Entertainment bowed out of the bidding.

This may be like watching paint dry for Bond fans. Still, MGM controls half of the 007 franchise so it’s unlikely anything happens on the Bond 23 front until MGM’s fate is resolved.

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