Broccoli family joins Sahara in bid for MGM

MUMBAI: Indian conglomerate Sahara India Pariwar is being backed by James Bond producers in a bid estimated at $2 billion (Rs 94 billion) to rescue the beleaguered Hollywood studio Metro-Goldwyn-Mayer Inc.

The Broccoli family, which runs EON Productions, has combined with Sahara to salvage the debt-laden studio, according to a source familiar with the development.

Barbara Broccoli and her stepbrother Michael G Wilson will share an equity stake in MGM if the Sahara bid sails through.

"On mutual interest discussions are on, but it is too early to comment on the issue," Sahara India Pariwar head of corporate communications Abhijit Sarkar said in an e-mailed statement. He, however, refused to divulge anything on the involvement of the Broccoli family in the bid.

Subrata Roy-promoted Sahara Group, which has diversified business interests ranging from finance to media and infrastructure and housing, recently bid for soccer club Liverpool. Sahara owns IPL franchise Pune Warriors and sponsors India‘s cricket and hockey teams.

Sahara‘s bid comes in the wake of MGM creditors voting this week on a pre-packaged bankruptcy plan to restructure the company‘s debt. The plan involves a merger with Hollywood producer Spyglass Entertainment.

MGM lenders have given the studio time till 29 October to restructure its $4 billion debt.

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