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Amazon is reportedly very close to sealing a deal for the acquisition of MGM Studios. It was reported that the tech and e-commerce company would be paying a hefty $8.5 to $9 billion if the media company agrees to the terms and finally approve the sale.
This information has been shared by someone who is familiar with the matter, as per CNBC. It was added that the two parties are really close to signing the contract and in fact, an official announcement of the acquisition may be released as early as today, May 25.
Amazon’s biggest purchase since 2017
If things go smoothly and Amazon successfully purchases Metro-Goldwyn-Mayer, it would be Jeff Bezos’ firm’s biggest acquisition since 2017, when it acquired Whole Foods for $13.7 billion.
MGM has been looking for a buyer for a few years now and it seems that finally, a prospective new owner has stepped in. Currently, the studio is owned by several entities, including Anchorage Capital, Kempner Capital Management, Highland Capital Partners, Owl Creek Investments, Davidson, and Solus Alternative Asset Management. They funded and took over the company after going bankrupt in 2010.
Amazon‘s decision to buy MGM is due to its interest in acquiring more film and television content for its Prime Video service that is trying to compete with the leading streaming player, Netflix, Disney and other labels.
What Amazon will gain
With this said, Amazon has a lot to gain from MGM as it owns a plethora of content, including a number of hit TV franchises such as “Pink Panther,” “James Bond,” “Rocky,” and “Legally Blonde.” It also has hit drama series and reality shows like “Fargo,” “The Handmaid’s Tale,” “Survivor,” “The Voice,” and “The Real Housewives.”
Deadline reported that last year, MGM was valued at about $5.5 billion only and this already includes its debts. It trades on the OTC market and in recent days, the company’s stock price has been going up, from $105 a share in mid-May before the acquisition was reported to around $140 a share today. Meanwhile, this will be the second major media merger this month after AT&T’s WarnerMedia and Discovery agreed to a deal.
