Amazon is in talks to acquire Metro-Goldwyn-Mayer (MGM), the film studio behind the James Bond franchise, for about $ 9 billion, according to insiders.
Like other film studios, MGM has been hit hard by the coronavirus pandemic. With no more people in theaters, MGM has postponed the blockbuster No Time To Die four times already.
Last fall, Netflix negotiated with MGM to acquire No Time to Die for streaming, but the price tagged by the studio was very high. The tape is now scheduled to begin rolling on September 30 in the UK and October 8 in the US.
MGM has a rich library of films and TV series, including Fargo, The Handmaid’s Tale, Rocky, The Silence of the Lambs, Rain Man, The Terminator, Vikings and The Hobbit. MGM’s largest shareholder is hedge fund Anchorage Capital, which began buying out the studio’s debt in 2010 following the financial crisis. MGM reported net income of $ 29 million on revenue of $ 403 million in the first quarter of this year.
Amazon and MGM declined to comment.
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