Time Warner intends to join the bidding for MGM with an offer of $1.5 billion, Bloomberg News reported on Monday, citing a person with knowledge of the decision. Time Warner already owns MGM's library of films produced prior to 1986, which it acquired when it bought Turner Broadcasting in 1997, and would like to own the remainder, which includes the United Artists catalogue dating back to 1952 and PolyGram's pre-1996 library, among others. The company may also be interested in improving its rights position in The Hobbit , which it is co-producing with MGM. However, MGM's owners have previously let it be known that they will not consider any bid below $2 billion. Russian-American billionaire Len Blavatnik's Access Industries and Lions Gate Entertainment have also made offers reportedly in the neighborhood of $1.3 billion. MGM said on Monday that it would take several weeks to evaluate the bids.