Time Warner considers $1.5 billion 2nd-round bid for MGM: source

Time Warner Inc is considering make a second round bid of up to $1.5 billion for storied Hollywood studio Metro-Goldwyn-Mayer ahead of a March 19 deadline, a source familiar with the situation said on Thursday.

But the media company, which owns the Warner Bros studio and cable networks like CNN and TNT, is yet to make a final decision according to the person who asked not to be named as the talks are still confidential.

Others expected to participate in the new round of bidding include Access Industries, a company controlled by industrialist Len Blavatnik and independent studio Lions Gate. Another person familiar with the talks said Lions Gate put in a bid between $1.4 billion to $1.8 billion.

While MGM has given a March 19 deadline, the first source said they would not be surprised if the deadline was extended to allow any other serious parties to get involved similar to the first round.