1. Eon enters running to buy MGM?

    By Heiko Baumann on 2010-09-20

    Only a few days after Spyglass’ letter of intent and MGM receiving a seventh extension of debt forbearance, there’s a new spectacular twist in the ongoing saga about the future of MGM.

    Bloomberg and other media report that Indian conglomerate Sahara India Pariwar has offered between $1.5 and $2 billion to buy the troubled studio. The spectacular element of these reports is that “Barbara Broccoli and her stepbrother Michael G. Wilson are part of the Sahara India offer and would receive an undisclosed equity stake in MGM if it succeeds. It wasn’t clear whether Broccoli and Wilson would have a management role in the Los Angeles-based studio, the person said.” (Bloomberg)

    Sahara India has interests in finance, infrastructure and housing, media, consumer products, manufacturing and services, according to its website. Its entertainment operations include cable-television channels, film production and cinema chains.

    Abhijit Sarkar, SIP head of corporate communications, said today, “It is too early to comment on the issue.” Spokespersons for both MGM and Eon productions refused to comment.

    UPDATE: Reports of an official denial by Eon are just in: According to this new Bloomberg report, “EON Productions tonight confirmed they have never had any contact with Sahara India Pariwar and are in no way involved in the Sahara India Pariwar bid for MGM,” spokeswoman Stephanie Wenborn said in a statement.

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