India’s Sahara India Pariwar Group is believed to be making a power play for MGM and has offered “north of $2bn” for the beleaguered studio, according to a person with knowledge of the situation.
It remained unclear whether Sahara, an India and London-based conglomerate with holdings in media, finance, energy and consumer products, was serious about an entry into Hollywood along the lines of Reliance ADA Group.
Among Sahara’s diverse portfolio are several entertainment companies including broadcaster Sahara One and film production arm Sahara One Motion Pictures, which recently produced romantic comedy Milenge Milenge.
The source did not elaborate whether Sahara planned to take over the studio or would be content to exist as a major stakeholder.
Asked recently by Screen about its international film goals, Sahara One Motion Pictures head Deepak Segal said: “It is still an avenue we are to explore but the earning potential is an accepted fact as the international market these productions cater to is larger in than that for a Hindi film.”
It is understood discussions have been ongoing with the studio’s creditors for several weeks and Sahara’s negotiators expect progress when the parties reconvene on Tuesday [Sep 21].
MGM on Friday [Sep 17] declined to comment.
Liz Shackleton in Mumbai contributed to this report.