Indian Conglomerate Could Buy MGM
LINDA WERTHEIMER, host:
NPR's business news starts with a possible movie merger.
(Soundbite of music)
WERTHEIMER: Metro-Goldwyn-Mayer, known to millions of movie fans as MGM, is near bankruptcy after taking on too much debt. But the studio may have a white knight in the form of the Indian media conglomerate Sahara India Pariwar. The Wall Street Journal and the Financial Times report the company is in talks to take over MGM, which was founded in 1924 and produced such classics as the "Wizard of Oz" and "Gone with the Wind." [POST-BROADCAST CORRECTION: "Gone with the Wind" was produced by Selznick International Pictures, in association with MGM.]
If the deal does not go through, MGM's creditors say they'll take over the studio next month and put it into bankruptcy.
Correction Sept. 20, 2010
We incorrectly reported on the air and previously on our website that Metro-Goldwyn-Mayer produced Gone with the Wind. The movie was produced by Selznick International Pictures, in association with MGM.