Posts Tagged ‘Sahara’

MGM not interested in Sahara’s bid; rejects proposal

September 28, 2010

Despite its poor financial condition, MGM Studio (English movie channel) has rejected Sahara India Pariwar’s bid of $2 billion for a possible acquisition. The foreign counterpart in this matter is said to have a requirement of double of the amount proposed by Sahara.

Metro-Goldwyn-Mayor is now looking for some substitute to get rid off the current credit that is burdening on channel’s shoulders.

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

Prior to this, several news items floated in the media that Metro Goldwyn Mayer Inc. was being valued approximately $2bn entity by Sahara India Pariwar in a bid.

Metro-Goldwyn-Mayer Inc., or MGM, is an American media company, involved primarily in the production and distribution of films and television programs. MGM was founded in 1924 when the entertainment entrepreneur Marcus Loew gained control of Metro Pictures, Goldwyn Pictures Corporation and Louis B. Mayer Pictures.

It is notable that the MGM Studio is a popular channel focusing on classic Hollywood movies for long but is unable to make profits to sustain.