Amazon is reportedly closing in on a blockbuster deal to pay $9 billion for the storied Hollywood studio MGM. The acquisition would enlarge Amazon’s footprint in Hollywood and give it control over valuable movie titles including the James Bond and Rocky franchises, as well as numerous classics such as The Wizard of Oz.
The Wall Street Journal reported Monday that an agreement could be announced as early as this week, assuming negotiations don’t fall apart at the last minute. It would be the second largest acquisition in Amazon’s history, following its $13.7 billion deal for Whole Foods in 2017.
MGM’s vast library of movie and TV titles is expected to give Amazon a significant boost as it competes in an increasingly crowded field of streamers including Netflix and HBO Max. MGM has been searching for a buyer since at least late 2020 and Amazon’s name had emerged in recent weeks as the most likely suitor.
In December, MGM was reportedly valued at $5.5 billion. Other titles in its library include Ben-Hur, The Silence of the Lambs, Legally Blonde, The Hobbit trilogy, and several Woody Allen movies from the 80s.
This is a developing story…
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