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Will MGM Go Asian?

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood September 19, 2010 at 11:23AM

The Wall Street Journal reports that Indian conglomerate Sahara India Pariwar is in exploratory talks to buy MGM for more than $2 billion, according to one source:
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Thompson on Hollywood

The Wall Street Journal reports that Indian conglomerate Sahara India Pariwar is in exploratory talks to buy MGM for more than $2 billion, according to one source:

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.

After Spyglass execs Gary Barber and Roger Birnbaum signed a non-binding letter of intent September 8 to take over beleaguered MGM as co-chairmen and co-CEOs, on September 15, for the seventh time MGM's lenders agreed to extend the forbearance period and not seek remedies in connection with the nonpayment of interest and principal due on the company’s bank debt, including the revolving credit facility, until October 29, 2010, the studio reported:

The lenders took this action in support of the Company’s ongoing efforts to evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group throughout this process.

UPDATE: Here's THR.

This article is related to: Studios, News, MGM/UA


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Born and raised in Manhattan, Anne Thompson grew up going to the Thalia and The New Yorker and wound up at grad Cinema Studies at NYU. She worked at United Artists and Film Comment before heading west as that magazine's west coast editor. She wrote for the LA Weekly, Sight and Sound, Empire, The New York Times and Entertainment Weekly before serving as West Coast Editor of Premiere. She wrote for The Washington Post, The London Observer, Wired, More, and Vanity Fair, and did staff stints at The Hollywood Reporter and Variety. She eventually took her blog Thompson on Hollywood to Indiewire. She taught film criticism at USC Critical Studies, and continues to host the fall semester of “Sneak Previews” for UCLA Extension.