A Chinese company is reportedly in "advanced talks" to acquire MGM (Metro-Goldwyn-Mayer), the distribution company behind the James Bond franchise, sources familiar with the matter have revealed.

The identity of the Chinese company has not been revealed, according to the NY Post. However, the recent negotiation is the latest of Chinese companies' shopping spree in Hollywood.

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MGM, which is owned by Kevin Ulrich's Anchorage Capital Group and Highland Capital, has reportedly been looking for a buyer and mulling an IPO. The firm owns a third of premium movie and TV service provider Epix, in partnership with Lionsgate and Paramount.

The studio, which also produces the archives of President Trump's The Apprentice, bounced back from bankruptcy in 2010 after debtholders turned their holdings into equity. The firm was facing with a $3.7 billion debt at that time.

The potential takeover by a Chinese entity is complicated as Chinese nationals are having a hard time obtaining visas to gain entry to the US. The Chinese government, on the other hand, is also cracking down investment money leaving outside its great wall.

A spokesman for MGM said that "MGM is in the strongest position ever and is not for sale."

Last year, China's Dalian Wanda Group agreed to acquire Hollywood's Dick Clark Productions, maker of the Golden Globes awards, for $1 billion. However, the deal is facing hurdles amid high US-China tensions and Beijing's tight scrutiny on overseas deals.

Reports surfaced that the Wanda-Dick Clark deal had "fallen apart" because of problems of brining finances outside China as well as obtaining the Chinese government's regulatory approval. An industry executive with indirect knowledge of the deal said that the agreement is under pressure but is not dead yet. Another source familiar with the deal said that reports claiming that the deal was finished were off the mark, and both parties are still expected to close it.

TagsMGM, James Bond, china, hollywood