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Sahara India in talks to buy MGM Inc

Posted by Sara | Opinion | Friday 24 September 2010 12:01 am
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Sahara India in talks to buy MGM IncSahara India Pariwar, the diversified business house, is in talks to buy Hollywood-based film production and distribution major Metro-Goldwyn-Mayer (MGM) Inc.

Media reports suggest that Sahara India has made a bid of about USD 2 billion to buy the debt of the Hollywood studio.

From in.news.yahoo.com:

When contacted, a Sahara spokesperson told PTI that talks are on, but it is too early to comment on the issue. “On mutual interest, discussions are on, but it is too early to comment on the issue,” Sahara India Pariwar Head of Corporate Communications Abhijit Sarkar said.

MGM, however, could not be reached for the comment. Sahara India Pariwar has a presence in the finance, infrastructure and housing, media and entertainment, consumer products, manufacturing, services and trading businesses.

Metro-Goldwyn-Mayer Inc is an independent, privately-held motion picture, television, home video and theatrical production and distribution company. MGM is owned by an investor consortium comprised of Providence Equity Partners, TPG, Sony Corporation of America, Comcast Corporation, DLJ Merchant Banking Partners and Quadrangle Group.

MGM has about USD 4 billion in debt. The company owns the world”s largest library of modern films, comprising approximately 4,000 titles, and over 10,400 episodes of television programming, as per details available on its website.

Its film library has received 205 Academy Awards, one of the largest award winning collections in the world, and includes numerous successful film franchises, including James Bond, The Pink Panther and Rocky. The studio is facing possible bankruptcy and several companies have shown an interest in acquiring it.

Reports have previously suggested that the Anil Ambani Group is interested in acquiring the debt-ridden Hollywood studio and other interested parties include Spyglass Entertainment, Time Warner Inc, and Lions Gate Entertainment Corp.

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