The purchase could value the movie studio between $ 5,000 and $ 10 billion. It would mark the e-commerce giant’s biggest foray into Hollywood.
Amazon is set to announce the acquisition of the Metro-Goldwyn-Mayer (MGM) film studio on Tuesday, a person familiar with the matter told Bloomberg. The decision would be aimed at boosting its ambitions to become stronger in the video streaming market.
The deal could value the historic MGM between $ 5,000 and $ 10 billion, The New York Times and other outlets said last week when news of the talks emerged. However, there may be changes in price or timing.
Also read: Cerrejón suspends operations due to lack of fuel due to blockades
Amazon, whose Prime Video platform has 175 million subscribers worldwide , would acquire MGM’s catalog of 4,000 titles, which includes the James Bond, Pink Panther, RoboCop and Rocky franchises, as well as films such as “The Silence of the Innocents ”.
The deal would also mean another change in ownership of MGM, founded in 1924 and an icon of Hollywood’s golden age.
Amazon declined to comment, while MGM did not immediately respond to a request for comment.
MGM, owned by hedge funds like Anchorage Capital Group, has been considered a buy target for years, but had never been able to close a sale. The company gave new impetus last year as it reportedly hired consultants to scout for deals.
It may interest you: Cybercriminals target the cold chains of vaccines against COVID-19
The studio has also looked at other ways to extract money from its films. He had discussions with Apple and Netflix about bringing his new James Bond movie directly to streaming , people familiar with the matter said last year. The studio opted for a theatrical release for the film, which will debut in the United States on October 8.
