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Updated Friday, March 19, 2010 11:02 am TWN, Bloomberg

Liberty Media, Elliott Management said to drop from MGM bidding

NEW YORK -- John Malone's Liberty Media Corp. and hedge fund Elliott Management Corp. have decided not to bid for the Metro-Goldwyn-Mayer Inc. movie studio, according to people with knowledge of the bidding. MGM's value fell below a price Liberty executives believed would be acceptable to the Los Angeles-based studio's creditors, said two people with knowledge of the Englewood, Colorado-based media company's plans. New York-based Elliott, working with producer Ryan Kavanaugh's Relativity Media, also pulled out, said two people, who sought anonymity because talks are private.

The thinning field of potential buyers lessens the chance of a bidding war for the studio, which stopped making payments on US$3.7 billion in debt and put itself up for sale last year. Others exploring a second-round bid included billionaire Len Blavatnik's Access Industries, Time Warner Inc. and Lions Gate Entertainment Corp., people close to the process said on Feb. 3.

Metro-Goldwyn-Mayer has set a March 19 deadline for formal offers.

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