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."
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