Amazon’s Purchase of MGM For $9 Billion Could Be Announced This Week

There have been reports circulating for a while now that streaming giant Amazon is looking to buy Hollywood studio MGM Studios, it would be their first entry into making a huge push into major feature film development.

A deal could be announced as early as this week according to a report from The Wall Street Journal and point towards a figure close to $9 billion. People have pointed out that valuation is a bit steep as the company was valued at around $5.5 billion back in December.

Amazon.com Inc. is nearing a deal to buy the Hollywood studio MGM Holdings for almost $9 billion, said people familiar with the matter, a pact that would turn a film operation founded in the silent era into a streaming asset for the e-commerce giant. An agreement could be announced as early as this week, people close to the situation said, assuming the talks don’t fall apart at the last minute.

MGM is the partner of EON Productions on the James Bond franchise and could mean that Amazon could become the streaming home of the franchise. They’re also behind the Candyman remake from Nia DaCosta (The Marvels), the Creed films with Michael B. Jordan set to direct Creed III, and they’ve been developing a new RoboCop film as well.

Amazon landing a real and established Hollywood studio means that the streaming service could branch-out to global theatrical distribution, as I don’t imagine EON would want to see their Bond franchise become some Prime Video exclusive and could see Amazon originals turn into box office earners.

SOURCE: THE WALL STREET JOURNAL

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