Sahara Group Bidding for MGM
The iconic studio with a roaring lion logo is struggling with its $4 billion debt.
By
LIFS
October 7, 2010 at 10:26 AM
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| The Indian real estate and media conglomerate Sahara India Pariwar is bidding for the faltering Hollywood studio Metro-Goldwyn-Mayer Inc.
The iconic studio with a roaring lion logo is struggling with its $4 billion debt and recently received an extension until Oct 29 from its debtors on its interest payments. Its library includes the coveted Rocky, Pink Panther and James Bond franchises and the studio is being courted by Time Warner and Lions Gate Entertainment Corp. The studio dominated the movie industry between 1924 to 1954, producing such classics as Gone With the Wind and The Wizard of Oz. MGM boasts a 205 Academy Awards, 15 of them for best picture , including Hamlet (1948), West Side Story (1961), Tom Jones (1963), In the Heat of the Night( 1967), Midnight Cowboy (1969), Rocky (1976), Annie Hall (1977), Platoon (1986), Rain Man (1988), Dances With Wolves (1990), and The Silence of the Lambs (1991). |
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