Time Warner is considering a bid of $1.2 billion to $1.5 billion for the Metro-Goldwyn-Mayer film studio, according to two people with knowledge of the discussions, as second-round offers come due today.

Warner Bros. executives, including CEO Barry Meyer and COO Alan Horn, will iron out a possible price today with Time Warner CEO Jeff Bewkes, said one of the people, who declined to be named because the talks are private. Time Warner may decide not to make an offer, the people said.

Keith Cocozza, a spokesman for Time Warner, declined to comment, as did Susie Arons, a spokeswoman for MGM.

Time Warner, the parent company of Warner Bros., fell 4 cents to $31.16.