Indian Conglomerate in Talks to Buy MGM

Indian conglomerate Sahara India Pariwar is in talks to buy U.S. movie studio Metro-Goldwyn-Mayer Inc in a deal worth more than $2 billion, The Wall Street Journal reported.

MGM owes creditors about $4 billion, mostly to hedge funds that purchases the studio's bank obligations at a discount. The creditors are preparing to take over the studio in a streamlined bankruptcy. They plan to turn management over to Gary Barber and Roger Birnbaum, co-heads of Spyglass Entertainment.

Sponsored Links
The MGM-Sahara talks are at an early stage, The Wall Street Journal said without naming its sources. So far, MGM and its stakeholders haven't shown substantial interest in doing a deal with Sahara.

MGM declined to comment to The Wall Street Journal. A Sahara spokesperson said: "On mutual interest discussions are on but it's too early to comment on the issue."


Read Full Story
  • DJI26202.73240.290.93%
    NASDAQ8020.2171.650.90%
  • NIKKEI 22520618.57-58.65-0.28%
    Hang Seng26270.0438.500.15%
    DAX11802.85151.671.30%
  • USD (PER EUR)1.11-0.0015-0.13%
    USD (PER CHF)1.02-0.0048-0.47%
    JPY (PER USD)106.580.33800.32%
    GBP (PER USD)1.21-0.0039-0.32%