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Amazon close to deal to buy Hollywood studio MGM: report
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Amazon is ready for its closeup.
The e-commerce giant announced Wednesday it has purchased MGM Studios — once one of Hollywood’s Big Five major production and distribution companies until it fell into bankruptcy in the 21st Century.
It’s Amazon’s biggest acquisition since it bought Whole Foods for $13.7 billion in 2017. The deal also marks the $1.6 trillion e-commerce giant’s biggest push yet into Hollywood.
The $8.45 billion acquisition brings a slew of movies and shows to Amazon’s Prime Video streaming service as it seeks to compete with giants like Netflix and Disney.
The company also owns a slate of reality TV series that include “Shark Tank” and “Survivor.”
Metro-Goldwyn Mayer did not age well. The nearly 100-year-old Tinseltown titan behind hits such as Rain Man and One Flew Over the Cuckoo’s Nest became a target for corporate raiders who sold off much of its production assets.
The company still owns a massive catalog of content, though, from the James Bond and Rocky franchises to a studio responsible for more recent streaming hits like “The Handmaid’s Tale.”
MGM is currently owned privately and counts a number of hedge funds among its owners, including Anchorage Capital Group, Highland Capital Management and Solus Alternative Asset Management.
The deal comes amid rapid consolidation across the media industry, with cable giants seeking partners to take on new-age streaming behemoths. Last week, telecom giant AT&T announced a deal to spin off its content unit WarnerMedia and merge it with Discovery, in an effort to create a massive studio that can compete with streaming rivals Netflix and Disney.
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