Lionsgate Entertainment is a long way from merging with debt-laden MGM, but it cleared another hurdle Friday with news major MGM creditor Franklin Templeton Investments has asked the Hollywood studio to delay a scheduled October 22 vote on a rival bid from Spyglass Entertainment.

The three week delay, if enacted, aims to give MGM creditors more time to consider a proposed combination of Vancouver-based Lionsgate and the Hollywood studio.

The Franklin Templeton overture follows senior management at Lionsgate and Carl Icahn, the largest shareholder in the Canadian mini-studio, working behind the scenes for a delay in the October 22 vote on a prepackaged reorganization plan for MGM led by Spyglass Entertainment.

The betting is Spyglass is likely to prevail over Lionsgate for control of MGM if the October 22 vote goes ahead.

Executives at Lionsgate remain tight-lipped about their run at the Lion along with arch-rival Carl Icahn.

But sources at Lionsgate privately express “cautious optimism” about how their proposed takeover of the financially wracked Hollywood studio is proceeding.