We reported first earlier this month that former Yahoo (NSDQ: YHOO) CEO Terry Semel is boosting his investment firm Windsor Media, with the addition of three senior executives, two from Yahoo and one from Endeavor. Also, we had mentioned that the firm is morphing from an investment firm into a media company, with possible acquisitions. Nikke Finke now reports that Semel might be looking to get back to his movie studio roots, and is looking seriously at New Line Cinema, owned by Time Warner (NYSE: TWX). It says he has already met with the parent company, and may partner with billionaire and film producer Arnon Milchan for a bid.

Also mentioned as a possible look for Semel: MGM, which has a deal with Tom Cruise and his production partner, Paula Wagner, to run United Artists. Semel is close to Cruise, who even appeared at CES with the former studio exec when he was CEO of Yahoo.

• Terry Semel Revving Up Windsor; Yahoos Buckley, Karish Joining Him