Amazon is reportedly working on a deal in an attempt to buy MGM for around $9 billion, according to Variety. However, some experts speculate the deal could range from 7 to $10 billion.
MGM executives will not confirm or deny the possible deal; neither will Amazon executives.
Amazon “doesn’t comment on rumors or speculation,” a company spokesperson said, according to Reuters.
MGM made it clear last December that the company was looking for a possible buyer. Meanwhile, Amazon just last week made news for rehiring Jeff Blackburn, a former company executive who has been rehired to head Amazon’s worldwide media and entertainment group.
Amazon is committed to making Amazon Prime more of a major player in the entertainment world. The company has more than 200 million Prime subscribers globally.
Amazon executives are particularly interested in MGM’s movie library. MGM owns 4,000 movie titles including the Rocky and Creed franchises, James Bond, Pink Panther and RoboCop. Other MGM movies include “Four Weddings and a Funeral,” “The Silence of the Lambs” and “The Magnificent Seven.”
MGM also owns a vast TV library, including around 17,000 episodes of shows, such as “Fargo,” “The Handmaid’s Tale,” “Stargate SG-1,” “Stargate Atlantis,” “Stargate Universe,” “Vikings,” “Get Shorty,” “Fame,” “American Gladiators,” “In the Heat of the Night,” “Survivor,” “Shark Tank,” and “The Real Housewives of Beverly Hills.”
Amazon has recently been increasing its spending on its media empire, forking over $11 billion last year on movies, music and TV shows. That was up 40 percent from the year before.
