Now, Anil eyes MGM takeover

Aimed at becoming powerful film boss

Now, Anil eyes MGM takeover

 
When contacted, a Anil Ambani Group spokesperson declined to comment. Anil Ambani already owns a controlling stake in Steven Spielberg’s DreamWorks studio and has struck a series of deals with stars including Hollywood stars Brad Pitt, Jim Carrey, Julia Roberts and George Clooney to develop their films.

Anil Ambani-led Reliance Big Pictures produced two most successful films last year while its current blockbuster ‘The Three Idiots’ has broken Indian box office records. According to the report, he hopes to expand his influence with an ambitious bid for MGM, the Hollywood studio which owns the James Bond franchise. Sources close to Ambani confirmed his interest in acquiring MGM and it would help him to achieve his ambition to become the world’s most powerful film mogul, the report said. Ambani is a respected tycoon whose empire spans power generation, distribution, insurance, financial services and communication. His company is India’s second largest mobile phone operator, it said.

The acquisition of MGM would bring one of Hollywood’s greatest film libraries under his control and land a series of likely box office hits over the next three years, the report said. MGM will release a new James Bond film in 2011, starring Daniel Craig, and two Hobbit films starring Sir Ian McKellen.

According to the report, MGM needs a buyer to avoid potential bankruptcy later this year when a series of debts must be repaid. Its current consortium of owners is asking for bids beyond US$2 billion, but debts of US$3.7 billion mean it is likely to be sold for a lower figure.

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