Amazon in talks to buy movie studio MGM for $9 billion

In a move that would take one of the last major independent film studios off the market, Amazon is in talks to buy James Bond movie company Metro-Goldwyn-Mayer (MGM), Bloomberg News reports, citing “a person familiar with the matter.”

Amazon mulls buying movie studio MGM for $9 billion

Scott Deveau, Kelly Gilblom, and Spencer Soper for Bloomberg News:

Amazon is considering a bid of about $9 billion, said the person, who asked not to be identified because the deliberations are private. Discussions could still fall apart and details such as price may change, the person said.

MGM has been seen as a takeover target for years, but was never able to close a sale. The company made a fresh push last year, when The Wall Street Journal reported it hired advisers to solicit offers.

MGM also discussed other scenarios with tech giants. MGM, whose library includes the “Rocky” films and “Silence of the Lambs,” held talks with Apple Inc. and Netflix Inc. about taking its new James Bond film directly to streaming. But the company said last year that it’s committed to a theatrical release for the film, which is currently slated for Oct. 8 in the U.S.

[MGM] is one of the last large movie studios that’s maintained its independence from larger media groups. Warner Bros. is now part of AT&T, Walt Disney Co. acquired 20th Century Fox, Paramount is owned by ViacomCBS Inc., and Universal Pictures is controlled by Comcast Corp.

MacDailyNews Take: Back in January, CNBC reported that MGM had held preliminary talks with Apple, Netflix, Amazon, and other larger media companies about an acquisition.

9 Comments

  1. I’m not sure how I feel about this. MGM isn’t a classic Hollywood studio and it doesn’t seem right for their classics to have the “Amazon Films” label on them.

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