Online retail and streaming platform Amazon is reportedly in talks to buy MGM for $9billion. The Hollywood studio MGM currently owns the James Bond franchise.
MGM is also popular for TV series like Handmaid’s Tale and Fargo. Apart from the 007 classics, they also made films like Rocky and Robocop franchises.
Amazon was initially founded as an online bookseller. However, it has since grown into a global retail brand and more recently opened up a streaming platform. Amazon Prime Video started out as Amazon Unbox in the US in 2006.
However, the service rebranded as Amazon Instant Video which gives subscribers access to streaming movies and TV shows. They grow after Netflix pretty much dominated the live streaming sector.
The company has also gained grounds in entertainment after it recently renewed its deal with UK football broadcasting. It now has a license to show 20 premier league games every season.
Amazon Instant Video
Earlier in the year, Amazon’s founder, Jeff Bezos also announced that he is stepping aside as chief executive of the company. The company made an immense profit during the lockdown. People started shopping online more due to the restrictions brought on by the Pandemic. This made Amazon double its profit to $21.3billion.
The pandemic was a win for some and a loss for others as companies like MGM struggled to make money. Owing to the lockdowns and the closing of cinemas, people were leaning more into streaming platforms. Therefore, companies like Netflix and Amazon are benefiting instead.
Netflix had reportedly also expressed a desire to acquire the yet to be released Bond movie, No Time To Die. However, according to the reports, a price could not be agreed upon.
MGM was founded in 1924 and is easily identified by the roaring lion logo. So far, the studio’s production has won 177 Oscars. It won 12 best picture awards for films like Dancing with the Wolves and West Side Story.
Amazon is yet to comment on this as it describes it as speculations.
