Amazon Reportedly Negotiating To Buy Movie Studio MGM For $9 billion

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Amazon is reportedly negotiating a deal to acquire movie studio, MGM for a whooping sum of about $9 billion.

According to Variety, MGM, the iconic Hollywood company behind the James Bond series, would help bolster Amazon’s Prime streaming service if the sale goes through.

The company’s bid for MGM is being handled by video executive Mike Hopkins, according to Variety. He’s dealing directly with MGM Chairman Kevin Ulrich, the publication said.

The company’s interest in MGM is reportedly related to its current focus on increasing the depth of its Amazon Prime Video library. Recently, Jeff Bezos shared with investors that of the company’s 200 million Prime members globally, approximately 175 million members streamed content through Amazon Prime Video.

Read also: Netflix Hits Another Milestone, Surpasses 200 Million Subscribers

MGM has been seen as a takeover target for years, but was never able to close a sale. The company made a fresh push last year, when it reportedly hired advisers to solicit offers. In seeking a deal, MGM aims to capitalize on the proliferation of streaming services, which has increased demand for large backlogs of content.

Previously, Apple and Netflix were reportedly considering acquiring MGM studio since the company is “heavy on intellectual property and light on people.” At the time of this writing, MGM, Amazon, Apple and Netflix have not issued a statement about this potential buyout.

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