Indian conglomerate Sahara India Pariwar is in talks to acquire movie studio the Lion for more than $2 billion, according to an unnamed Wall Street Journal source.
A report in the Hollywood reporter says. “Spyglass Entertainment co-toppers Gary Barber and Roger Birnbaum have been in an extended review of MGM financial data after signing a letter of intent to run the studio as co-chairman and CEOs, with Spyglass in line for an almost 5% stake in the Lion. That tentative deal is part of a prospective bankruptcy-reorganization plan that would see almost $4 billion in MGM debt turned into slivers of studio ownership to be spread among more than 100 lenders.”
Current MGM owners including Providence Equity, TPG Capital, Sony, Comcast, DLJ Merchant and Quadrangle likely would see their equity positions in the studio wiped out in a restructuring.
