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

May 18, 2021 01:29 PM

Amazon in talks to buy MGM movie studio for $9 billion
It was earlier reported that the deal would be closed in the price range of $7-$10 billion. Reportedly, MGM is hoping to get $9 billion.

Amazon.com Inc is in talks to acquire the iconic U.S. movie studio MGM, The Information reported on Monday, citing a person familiar with the matter.

The status of Amazon’s discussions with MGM is unclear and it is possible no deal may result, the report said.

It was earlier reported that the deal would be closed in the price range of $7-$10 billion. Reportedly, MGM is hoping to get $9 billion.

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The movie studio behind the “James Bond” franchise, also owns the Epix cable channel and makes TV shows, including popular shows like The Handmaid’s Tale, Fargo, Vikings and Shark Tank.

Amazon declined to comment on the report, saying it “doesn’t comment on rumors or speculation”.

In December, Reuters reported that the movie studio was exploring a sale and had tapped investment banks Morgan Stanley and LionTree LLC and started a formal sale process.

[Inputs from Reuters]

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