Indian group eyes $2bn bid for MGM

INDIAN conglomerate Sahara India Pariwar is thought to be in discussions about buying the debt of struggling film studio Metro-Goldwyn-Mayer for $1.5bn to $2bn (£960m to £1.28bn).

MGM, which has about $4bn in debt, could not be reached for comment. A spokesman for Sahara India Pariwar, which owns businesses in media, entertainment, real estate and insurance, said: “On mutual interest, discussions are on but it’s too early to comment on the issue.”

Earlier this month, MGM said that it won extra breathing room to make its debt payments, with its lenders agreeing not to seek remedies for nonpayment of debt until 29 October.

MGM has a film library that includes the James Bond and Pink Panther franchises, but it has been struggling to create new hits.