A recent ET report, citing a source ‘in the know,’ forwarded the information that the Anil Ambani-managed Reliance Entertainment would likely be bidding for the debt-ridden iconic film studio Metro-Goldwyn-Mayer, or MGM; thereby attempting to broaden its footprint in Hollywood beyond its current association with Steven Spielberg’s DreamWorks Studio.

MGM’s illustrious library consists of over 4,000 film titles, which include classics like Pink Panther and James Bond, and recent comic flicks like Legally Blonde. The studio has been put on the line by its lenders, a group of more than 100 financiers led by JPMorgan.

While the first-round bids for the MGM studio were scheduled for Friday afternoon, a majority of the bidders would probably mark their presence through the weekend. Going by a Reuters’ report, twelve potential bidders from the media and movie-making arena have signed non-disclosure deals; and banking sources have revealed that Reliance Entertainment is one of these twelve.

An unnamed source close to Reliance Entertainment further revealed that the company - relishing the success of its two recent hits, Paa and 3 Idiots - is expected to finalize its bid for MGM next week.

Meanwhile, an MGM spokesman specified: “MGM is in the process of receiving indications of interest from potential bidders. Once the company has completed reviewing the initial bids, it will begin the second phase of its strategic review process.”