Lions Gate Entertainment is planning to merge with the Hollywood studio that owns the James Bond film series, Metro-Goldwyn-Mayer (MGM), The Wall Street Journal reports. The deal will require approval from billionaire investor, Carl Icahn, who raised his stake in Lions Gate to 32% earlier in 2010.

MGM is seeking to restructure its $4 billion in debt in 2010. Lions Gate, which dropped its bid for MGM, whose owners include private equity funds, Providence Equity Partners and TPG Capital, earlier in 2010, has now resumed informal talks with the movie studio.

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