Amazon reportedly close to buying MGM

Sources tell Variety that Amazon has been in talks for weeks and may be prepared to pay $9 billion for MGM.

An article in Variety reports that Amazon is close to sealing a deal to buy Metro Goldwyn Mayer for $9 billion from a consortium of hedge funds lead by Anchorage Capital Group.

The future of MGM has been uncertain for some time and the studio was supposedly seeking to unload No Time to Die to a streaming platform back in October for upwards of $600 million. Eon Productions were said to to be furious when they found out, but that price tag was too high for any of the platforms anyway.

Just before Christmas MGM was reported to have recruited advisors, with Variety pinning a price of $5.5 billion on the studio based on the value that privately traded shares were changing hands. And then in late January there were further reports that Amazon was in talks to buy MGM.  It was said that Kevin Ulrich, the boss of Anchorage, was hoping for $10 billion.

If the talks have been continuing since January then it may well be that a deal is close to being announced. Whether that will affect No Time to Die’s scheduled late September big screen release is anyone’s guess at this stage.

 

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