Sahara’s bid to buy MGM ends

Lucknow/Los Angeles : Sahara India Pariwar’s bid to buy out the cash-stripped Metro-Goldwyn-Mayer Inc, ended as the Hollywood studio rejected the offer for more than 2 billion Dollar purchase.

Subrata Roy Sahara, the chairman of Indian conglomerate, had talks for the buy out but nothing moved, sources here said.

The Hollywood studio said the offer was rejected.

MGM’s creditors are owed around 4 billion Dollars. They were negotiating a restructuring plan for the studio.