Sahara bids $2 billion to buy MGM

MUMBAI: Beleaguered Hollywood studio Metro-Goldwyn-Mayer Inc. has found a new suitor in Indian conglomerate Sahara India Pariwar.

Sahara’s bid to rescue the debt-laden studio is $2 billion (Rs 94 billion). The talks are, however, at an exploratory stage.

Another Indian conglomerate, Reliance Entertainment , had earlier bid for MGM but later walked out of it. 

Meanwhile, MGM lenders have agreed to forgive debt payments for the seventh time in a year. This gives the studio time till 29 October to restructure its $4 billion debt.

Spyglass Entertainment has signed a non-binding letter of intent to take over the management of the studio.

MGM was up for sale in November and bids came from various companies, including a $1.5 billion offer from Time Warner. But the bid amounts failed to win the nod of MGM’s creditors.

MGM‘s assets include the James Bond franchise and half of "The Hobbit" films, its name and logo, the United Artists operations, and a library with over 4,000 titles.

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