Amazon in Negotiations to Acquire MGM in $9 Billion Deal
Amazon has placed their bid to acquire MGM in what would be a $9 billion deal if it goes through. Variety reports that industry sources have said that Amazon (and other tech giants) have been looking at purchasing MGM for some time. But sources indicated that Amazon’s interest in acquiring the studio has taken on a new tenor beyond the usual rumor mill. It’s said the deal is being orchestrated by Mike Hopkins, senior VP of Amazon Studios and Prime Video, directly with MGM board chairman Kevin Ulrich, whose Anchorage Capital is a major MGM shareholder.
The report goes on to say that MGM has been looking for a buyer since late 2020, but this is the first sign of a deal going through. MGM claims to own one of the world’s “deepest libraries” of premium film and TV content, including 4,000 film titles include the James Bond, Hobbit, Rocky/Creed, RoboCop, and Pink Panther franchises, as well as movies like The Silence of the Lambs, The Magnificent Seven, and Four Weddings and a Funeral. The MGM TV library includes approximately 17,000 episodes of programming, including Stargate SG-1, Stargate Atlantis, Stargate Universe, Vikings, Fargo, The Handmaid’s Tale, Get Shorty, Condor, Fame, American Gladiators, Teen Wolf, and In the Heat of the Night. Unscripted shows in its portfolio include The Voice, Survivor, Shark Tank, The Real Housewives of Beverly Hills, and The Hills.
We should hear soon if MGM settles the deal with Amazon.