Sahara India looks for buying MGM
Washington/Lucknow : The American movieworld, Metro-Goldwyn-Mayer or MGM, if things go right away, will be an Indian property, as Sahara India Parivar has made a $2 billion bid to buy the cash stripped Hollywood studio.
?On mutual interest, discussions are on, but it is too early to comment on the issue ,? the Financial Times quoted the MGM as saying.
The Lucknow based conglomerate, which supports promoting cricket, hockey, and football in India, confirmed the interest on the Hollywood studio, which has about $4 billion liabilities.
If the move for takeover goes as per current negotiations between the MGM and Sahara India, this would be the second major Indian foray into Hollywood after Anil Ambani’s Reliance Big Entertainment put in $825 million last July to rescue Stephen Spielberg’s Dream works from Paramount Pictures.
MGM, a synonym of a roaring lion before its productions are screened, was launched in 1924, and produced classics like the Wizard of Oz and Gone with the Wind and many more.
The company, which is now virtually unworkable for its debts, recently received another extension on an agreement to put off interest payments on about $4 billion debt until October 29.
The studio is co-owned by the Broccoli family, producer of the James Bond movie series.