The latest merger of American media monoliths could see Amazon acquire one of the world's oldest film studios in Metro-Goldwyn-Mayer (MGM).
Citing industry sources, Variety reports that the Jeff Bezos-led tech company is "weeks into negotiations" to acquire MGM for "about $9 billion." In December, the site confirmed that MGM Holdings Inc., the studio's parent company, was exploring the possibility of a sale.
Variety shares that news of Amazon's talks with MGM began to swirl this weekend, which led to a report from The Information yesterday (May 17) that the company was at work hashing out a deal. The site's industry sources said the studio's content library — which includes 4,000 film titles and approximately 17,000 television episodes — could command a price tag between $5 to $10 billion USD.
Last year saw Amazon spend $11 billion USD on TV shows, movies and music for its Prime services, a 40 percent increase from 2019.
Last week, the company announced the return of high-ranking executive Jeff Blackburn to oversee Prime Video and Amazon Studios, Amazon Music, podcast network Wondery, audiobook service Audible, and streaming platform Twitch.
News of Amazon's potential acquisition of MGM follows Monday's news that American telecom giant AT&T would be combining WarnerMedia and Discovery to create a new media conglomerate. That deal is expected to be finalized in 2022.
Citing industry sources, Variety reports that the Jeff Bezos-led tech company is "weeks into negotiations" to acquire MGM for "about $9 billion." In December, the site confirmed that MGM Holdings Inc., the studio's parent company, was exploring the possibility of a sale.
Variety shares that news of Amazon's talks with MGM began to swirl this weekend, which led to a report from The Information yesterday (May 17) that the company was at work hashing out a deal. The site's industry sources said the studio's content library — which includes 4,000 film titles and approximately 17,000 television episodes — could command a price tag between $5 to $10 billion USD.
Last year saw Amazon spend $11 billion USD on TV shows, movies and music for its Prime services, a 40 percent increase from 2019.
Last week, the company announced the return of high-ranking executive Jeff Blackburn to oversee Prime Video and Amazon Studios, Amazon Music, podcast network Wondery, audiobook service Audible, and streaming platform Twitch.
News of Amazon's potential acquisition of MGM follows Monday's news that American telecom giant AT&T would be combining WarnerMedia and Discovery to create a new media conglomerate. That deal is expected to be finalized in 2022.
