Another Bidder Has Entered To Court MGM Studios
Published: September 20, 2010 - 8:53am
In a new turn of events over the weekend, another potential buyer has entered the fray over MGM. As reported last week Spyglass Entertainment has proposed taking control of MGM after it goes through bankruptcy and would end up with a 5% share of the studio.
Sahara India Pariwar, a large Indian business, has confirmed it has entered a bid for Metro-Goldwyn-Mayer. The company has roots in finance and real estate to go with its budding media division, Sahara One Entertainment. Reports are that Sahara has an offer somewhere in the $1.5 billion to $2 billion range.
"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 was quoted as saying.
MGM has continued filing extensions in order to repay its $4 billion debt and now has until October 29th. The two with the highest visibility are the long-awaited prequel to The Lord of the Rings, The Hobbit, and the next installment of the James Bond series.