Former MGM boss Harry Sloan linked to Nine Network bid

Harry Sloan is being linked with a bid for Australian free-to-air network Nine.

The ex-MGM and SBS boss has had talks with Nine’s private equity owners, CVC Capital Partners, according to various reports, which variously added that Sloan has also recruited bankers to assist with his bid.

Sloan who left MGM in 2009 and was a consultant to the Hollywood studio until last year, recently created a Global Eagle, a fund that will use its resources to acquire TV and media properties. It is not clear whether the move for Nine comes under the aegis of Global Eagle.

The UK Financial Times, quoting people with knowledge of the situation, said that Sloan is working with a trio of banks, but will struggle to raise the necessary billions of dollars to finance a deal in the current economic climate.

Reuters reports that Sloan has lodged a “low ball” preliminary offer for Nine, which is in the process of refinancing and must do so by early next year.