Time Warner (NYSE: TWX) Floats $1.5 Billion Second-Round Bid for Metro-Goldwyn-Mayer

Time Warner (NYSE:TWX) intends to bid $1.5 billion for the Metro-Goldwyn-Mayer Inc. film studio, according to sources familiar with the matter.

The company, which owns Warner Bros. Movie studio, is planning on making a second-round bid today, the unnamed source said.

MGM said Tuesday that it received several second-round bids and it will look for further delays on interest payments.

However, MGM may decide to hold out and restructure if the bids turn out to be too low and disappoint the company's creditors.

MGM, which is known for its distribution of James Bond films, put itself of for sale in 2009 after it was unable to pay down interest on $3.7 billion in debt.

On March 18th, it was reported that Time Warner was considering a bid of anywhere between $1.2 billion and $1.5 billion, with Warner Bros. execs pushing for a high end offer.