19 May – Rumours are rife that Amazon is poised to buy MGM in a deal that is reportedly worth around USD 9 billion.
According to sources, the tech giant and the studio have been in talks for weeks, with the deal being orchestrated by Mike Hopkins, senior VP of Amazon Studios and Prime Video, directly with MGM board chairman Kevin Ulrich.
It is noted that MGM has been looking for a buyer, and had even tapped investment banks Morgan Stanley and LionTree LLC to start a formal sale process. Among those who had reportedly expressed interest include another tech giant, Apple.
If the acquisition comes to fruition, Amazon will be able to own over 5,200 titles, 17,000 hours of TV, Oscar accolades and movie franchises that include James Bond, Rocky/Creed, Pink Panther, Hobbit, and RoboCop, as well as shows like "Fargo," "The Handmaid's Tale", and "Get Shorty".
While media is a small portion of its empire, Amazon has already spent USD 11 billion on TV shows, movies, and music for Prime services in 2020.
MGM and Amazon have both declined to comment on reports about the supposed deal.