In this paper, we propose a generalized singular value decomposition (GSVD) for polynomial matrices, or polynomial GSVD (PGSVD). We then consider PGSVD-based beamforming for two-user, frequency-selective, multiple-input multiple-output (MIMO) multicasting. The PGSVD can jointly factorize two frequency-selective MIMO channels, producing a set of virtual channels (VCs), split into: private channels (PCs) and common channels (CCs). An important advantage of the proposed PGSVD-based beamformer, over the application of GSVD independently to each frequency bin of the orthogonal frequency division multiplexing (OFDM) scheme, is that it can facilitate different modulation and/or access schemes to various users. Using computer simulations, we characterize the bit error rate performance of our two-user MIMO multicasting system for different PCs/CCs configurations. Here, we also propose an OFDM-GSVD benchmark system, and show that our PGSVDbased beamformer compares favorably to this benchmark under erroneous and uncertain MIMO channel conditions, in addition to its advantage of facilitating heterogeneous modulation and access for various users.