Time Warner Inc, Lions Gate Entertainment Corp and billionaire Len Blavatnik’s Access Industries put up rival bids of $1.2 billion to $1.5 billion for studio Metro-Goldwyn-Mayer, sources familiar with the matter, told Reuters on Monday.

Time Warner put in the highest bid of the three, the sources said. The company has been seen as most likely to walk away with MGM and its library of mostly classics, such as the James Bond franchise and a piece of the two “Hobbit” films to be produced by “Lord of the Rings” director Peter Jackson.  More