Amazon In Talks To Buy MGM

Amazon In Talks To Buy MGM. Image - MGM

REPORTEDLY, Amazon are in talks to buy Hollywood studio MGM.

Reportedly, Amazon are in talks to buy Hollywood studio MGM whose films include the famous James Bond franchise. According to Sky News, the online retailer who also have streaming service Amazon Prime, have declined to comment on the “rumours or speculation.” The reports of talks to buy MGM were initially reported by industry outlet The Information.
Reports first came to light just hours after US telecoms company AT&T announced it was selling off its media assets including television channel HBO and film studio Warner Bros in a $43 billion (€35.2 billion) collaboration with Discovery with the idea of creating a whole new streaming giant.
Founded in 1924 and famous for its roaring lion logo, MGM makes television programmes including Vikings and The Handmaid’s Tale as well as the popular James Bond franchise and Tomb Raider.
The Seattle-based streaming giant, Amazon, was founded decades later by Jeff Bezos and began as an online bookseller that has now changed global retail forever, most recently rivalling Netflix for online film and television streaming. They also gained high momentum than sports wetten in British football broadcasting, most recently having renewed its deal to broadcast 20 Premier League games a season.
The streaming company has boomed during the pandemic as lockdown caused a surge in online streaming and buying, with their profits nearly doubling to $21.3 billion (€17.5 billion) in 2020.
The deal would be recognised as the most recent example of the entertainment industry’s huge transformation acknowledging the growing dominance of streaming platforms.
Like a lot of film studios, MGM has been under pressure due to the pandemic, with cinemas closed for almost one year.
It was reported by The Financial Times that streaming service, Netflix, had been in talks with MGM about obtaining the delayed Bond film No Time To Die for a streaming release, however, a price point could not be reached.

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Written by

Laura Kemp

Originally from UK, Laura is based in Axarquia and is a writer for the Euro Weekly News covering news and features. Got a news story you want to share? Then get in touch at [email protected]