Time Warner Inc joined Lions Gate Entertainment and Access Industries in bidding for MGM, a source said, adding that the three bids range from $1.2 billion to $1.5 billion.

The deadline for a second round of bids for MGM was unofficially extended after Time Warner, the most likely buyer for the famed studio, did not put in a bid by the initial deadline on Friday, sources familiar with the matter said.

(Reporting by Jui Chakravorty; editing by Carol Bishopric)