Amazon may soon purchase MGM for a whopping $9 billion
This would be a major win for Amazon.
Update 5/26/2021 10:35 AM EST: Amazon confirmed that the acquisition of the historic movie studio is now complete. The original story follows below.
Metro-Goldwyn-Mayer Studios, better known as MGM, may soon fall under the massive umbrella of Amazon, as reports are coming out that the ecommerce giant has put in a bid of $9 billion for the company.
This information comes from Variety, which states that Amazon has had its eye on MGM for a while, and for good reason. As The Guardian reported back in December when MGM put itself on sale for $5 billion, the company has over 4,000 films, more than 17,000 hours of TV, and claims ownership of powerhouses like James Bond, Rocky, The Handmaid’s Tale, The Hobbit, and much more.
According to the Variety report, Mike Hopkins is working directly with MGM board chairman Kevin Ulrich. Hopkins is the senior VP of Amazon Studios and Prime Video.
The move makes sense for Amazon, which is constantly looking to deliver more valuable content to its over 200 million Prime subscribers worldwide and MGM has a stable of content that can rival that of any streaming competitor, including the likes of Disney, Peacock, and Netflix.
Nothing is set in stone, however, so we’ll continue to watch this news. With major deals like this, it could still be some time before anything is official, but this would be a massive win for Amazon, even at a $9 billion price tag.
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