Elliott Management Corp. has dropped out of the running for movie studio Metro-Goldwyn-Mayer.
The hedge fund, which was considering a bid along with Relativity Media, have decided not to pursue the troubled, debt-laden studio. The number of suitors for MGM continues to be whittled down, as Liberty Media Corp. is also said to have lost interest.
Private equity firm Qualia Capital, in partnership with News Corp., has proposed a restructuring of the studio’s debt instead of a sale. Six companies are expected to make binding offers for MGM.