Indian conglomerate Sahara India Pariwar is in exploratory talks on acquiring beleaguered movie studio Metro-Goldwyn-Mayer Inc. for more than $2 billion, said a person familiar with the matter.
This person cautioned that the talks were at an early stage, and that MGM and its stakeholders haven't yet shown substantial interest in doing a deal with Sahara, a Lucknow-based company whose businesses, according to its website, include TV and film. MGM owes creditors about $4 billion and recently won a seventh reprieve on debt payments until Oct. 29.
The discussions come as creditors prepare to take over MGM in a streamlined bankruptcy next month and turn management over to Gary Barber and Roger Birnbaum, co-heads of Spyglass Entertainment, a film company that co-financed such recent releases as "Dinner for Schmucks" and "Invictus."
•CLICK HERE to read the Wall Street Journal story.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Spyglass Emerges as Lead Candidate to Run MGM
- Icahn Buys MGM Debt, Presses for a Lions Gate Merger
- MCM Creditors Audition Would-Be Moguls to Run Studio
- Report: Relativity Media Seeks Controlling Stake in MGM
- Metro-Goldwyn-Mayer Gets Another Reprieve
- Spyglass Reportedly Signs Letter of Intent with MGM
- MGM's Creditors Extend Debt Deadline
- Lions Gate Execs Call MGM Merger 'Natural Fit'