Amazon Is Close To Buying MGM Studios For About $9 billion

Amazon is close to buying MGM Studios for about $9 billion. MGM Studios co-owns the famous James Bond franchise as well as other well-celebrated films and TV series.

The Amazon-MGM Studios deal is expected to be announced on Tuesday according to sources that didn’t want to be named. When this deal pulls through, it would be Amazon’s biggest acquisition since acquiring Whole Foods for $13.7 billion in 2017. The Wall Street Journal, in a report on Monday, reported that the Amazon-MGM Studios deal could be announced this week.

Amazon is a multinational and multi-billion dollar company founded in 1994. The American technology company is one of the five largest in the information technology industry and focuses on products and services related to cloud computing, e-commerce, artificial intelligence and digital streaming. Amazon Prime Video is the company’s streaming video service. The company seeks to acquire more TV and film content as it stands against top contenders like Disney and Netflix, and naturally MGM Studios is a great option because of both its reputation and the endless amount of content it has.

For years now, MGM Studios has been looking to sell. The private company is owned by Owl Creek Investments, Solus Alternative Asset Management, Highland Capital Partners, Anchorage Capital and Kempner Capital Management. These companies took over the MGM Studios after it went bankrupt in 2010.

MGM Studios has impressive works under its belt. The company owns famous TV and movie franchises like Legally Blonde, Stargate, The Pink Panther and Rocky. The company also has hit TV shows like Fargo and The Handmaid’s Tale to its name. MGM Studios also owns reality TV shows like Survivor, Shark Tank, The Voice and The Real Housewives.

Epix, a premium pay-TV service which was valued at $1.3 billion in 2017 is also owned by MGM Studios.

No comment has been made so far by Amazon or MGM Studios but a deal is expected to be announced soon.