Liberty Media, Elliott to drop bidding for MGM -Bloomberg

March 18 (Reuters) - Liberty Media Corp (LINTA.O) and hedge fund Elliott Management Corp have decided not to bid for Hollywood studio Metro-Goldwyn-Mayer Inc [MGMYR.UL], Bloomberg said, citing people with knowledge of the bidding.

The report said MGM's value fell below a price Liberty executives believed would be acceptable to the studio's creditors.

On March 9, a source familiar with the situation told Reuters that six companies including Len Blavatnik's Access Industries, Time Warner Inc (TWX.N) and Lions Gate Entertainment Corp (LGF.N) were expected to make binding offers for MGM. [ID:nN09240772]

The deadline to make a bidding offer for MGM, which enlisted turnaround specialist Stephen Cooper last year to help it restructure, is on March 19.

Liberty Media, Elliott Management and MGM could not be immediately reached for comment by Reuters outside normal U.S. business hours. (Reporting by Amulya Nagaraj in Bangalore; Editing by Anshuman Daga)