Could Amazon Be Buying MGM’s Assets?
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It has been reported that Amazon is in talks to buy MGM the iconic Hollywood film studio. Amazon (AMZN) has not commented so far on the potential purchase. A purchase of this magnitude would give Amazon a gigantic presence in streaming video.
If Amazon were to purchase MGM’s assets that would include thousands of classic films, the assets could be worth between 10:00 and $7 billion reports the New York Times in Financial Times.
There were also rumors in 2018 Bloomberg reported about Amazon buying Landmark theaters, and the Daily Mail reported it could purchase AMC Theaters (AMC) theatres.
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Amazon Prime has more than 200 million paid subscribers, reported in its latest recent earnings report, adding that the streaming service Prime Video numbers are up more than 70% year-over-year.
“MGM franchises also have a proven track record at the box office. “James Bond” is among Hollywood’s most lucrative series, with 2015’s “Spectre” grossing nearly $900 million worldwide, according to BoxOfficeMojo. market cap of nearly $1.7 trillion. Buying MGM may cost it little more than it earned in net income in the first quarter of 2021.” Reports CNBC
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