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Metro Goldwyn Mayer (MGM), the international studio, has set March 19, 2010 as the deadline to receive bids for acquisition.

In November 2009, MGM announced that it is beginning to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the company. The company thus invited prospective bidders for the same.

According to a report at Reuters the prospective companies to file for a bid in the second round of binding offer for MGM are Liberty Media, Lions Gate Ent., Access Industries and Time Warner. The first round of non-binding bids received bids of as high as $1.7 billion.

One of the most valuable assets of MGM is its library that comprises of popular productions such as James Bond and Pink Panther series. While, the library prior to 1986 period of MGM is owned by Turner Entertainment, post-1986 productions are still with MGM.

A limitation that resists a company to invest in MGM is its piled up debt over the years. The winning bid would be required to first file for a bankruptcy in order to shove its debt off.

MGM is currently owned by a Sony Corp, Comcast Corp TPG, Providence Equity Partners, DLJ Merchant Banking Partners and Quadrangle Group.