Time Warner join battle for MGM

A bidding war has broken out for Metro-Goldwyn-Mayer, with Time Warner making a nearly €4.5bn offer for the venerable Hollywood studio, according to newspaper reports.

The New York Times and The Wall Street Journal reported that Time Warner had made a preliminary offer that rivals overtures from Sony.

A spokeswoman for MGM said the company had no comment on the reports.

MGM, famous for The Wizard of Oz, the James Bond and the Pink Panther series, has been in talks with Sony for months over a sale.