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(Reuters) - Former MGM Holdings Inc Chief Executive Officer Gary Barber, who was ousted earlier this year, is speaking to investment banks about financing an offer to acquire the privately held U.S. movie studio, five people familiar with the matter said on Monday.

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FILE PHOTO: Gary Barber, co-CEO of MGM, accepts the award for Best Action Movie for "Skyfall" at the 2013 Critics' Choice Awards in Santa Monica, California, January 10, 2013. REUTERS/Mario Anzuoni

MGM could be worth more than $5 billion including debt, and it is far from certain that Barber can raise the funds for a bid, the sources said. His potential bid, however, is aimed at convincing the hedge funds that own and control MGM to explore a sale, the sources added.

Barber owns about 9 percent of MGM through stock options after serving as its CEO between 2010 and 2018, according to the sources. He was let go abruptly in March from MGM after signing a five-year extension to his contract, according to the sources. MGM at the time did not give a reason for his departure.

The sources asked not to be identified because the matter is confidential.

Anchorage Capital Partners, the largest shareholder, along with the other owners, have high valuation expectations for the company and believe the company can still grow in value, the sources said.

A representative for Anchorage declined to comment. Barber, MGM and some of MGM’s other owners including Highland Capital Partners, and Solus Alternative Asset Management did not immediately respond to requests for comment.

Famous for its library that includes the James Bond franchise, “Rocky” and other classic movies, MGM co-produces and distributes television shows such as “The Handmaid’s Tale” on Hulu, “Vikings” on A&E and “Fargo” on FX. It also owns

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