Ryan Kavanaugh's film company Relativity Media is aiming to take control of a major portion of Metro-Goldwyn-Mayer Inc. , which is in the process of trying to restructure a crushing $3.7 billion in debt, according to individuals involved in the transactions.

Relativity is not the only company to be circling the troubled MGM, with its rich library of historic movie titles as assets.

But the deal, confirmed by two individuals, would involve buying up a portion of the studio from the studio's major investors, including Highland Capital, the Carlyle Group or Sequoia Group, and using control of that stake to force the company into bankruptcy.

Once MGM was in bankruptcy, Relativity could streamline the company's $30 million per year operational costs, use its distribution networks for Relativity's own films and operate without the current burden of creditors.

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