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Latest Satellite News Discussion, New MGM rejects Saharas $2 billion bid at General Satellite News forum; MGM rejects Saharas $2 billion bid (25 September 2010 7:10 pm) MUMBAI: Sahara India Pariwars dream of a takeover of ...

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Thumbs up New MGM rejects Saharas $2 billion bid - 26-September-2010, 02:40

MGM rejects Saharas $2 billion bid

(25 September 2010 7:10 pm)


MUMBAI: Sahara India Pariwars dream of a takeover of the cash-strapped Metro-Goldwyn-Mayer (MGM) Inc, which some critics say was a publicity stunt, has evaporated with the studio rejecting its $2 billion bid.

The studios creditors are now working on alternative plans to bail out the struggling Hollywood studio.

The company's chairman Subrata Roy Sahara had a conference call with the studios creditors on Tuesday. He later said that his offer was rejected within hours of his talk with creditors.

MGMs creditors who need to recover around $4 billion are now negotiating a restructuring plan for the studio that could include a prepackaged bankruptcy, Roy added.

MGM has rights to the James Bond franchise and owns half of the upcoming movies based on J.R.R. Tolkien's The Hobbit.



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