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.
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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."
