Brad Wete
June 24, 2010 AT 06:36 PM EDT

Lions Gate Entertainment and Metro Goldwyn Mayer (MGM) are in talks to merge, the Los Angeles Times reports. Before the merge could happen, however, Lions Gate CEO Jon Feltheimer and Vice Chairman Michael Burns would need approval from by Carl Icahn, who owns nearly one-third of Lions Gate’s stock. And $4 billion in debt, MGM is struggling to avoid bankruptcy. Approval and cash advances would be necessary from creditors for the deal, which has not officially be proposed, to go through.

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