Amazon all set to lock a $9bn deal with MGM Studios, report says

The deal could be announced this week.


KOLKATA: E-commerce giant Amazon is all set to close the MGM Studios acquisition deal for $9 billion according to a Wall Street Journal report, which says the deal could be announced as early as this week, provided there isn't any last-minute glitch.

The studio of Gone with the Wind and Rocky could turn out to be a great asset for the tech giant as it is substantially focusing on building up its entertainment footprint globally. Notably, MGM offers the famous Bond franchise but without owning it. It is also known for classics like Singin’ in the Rain, The Pink Panther.

According to the report, the talks between the two parties started at the beginning of the year and have been on-off since then. But it gathered pace over the last few weeks. The board of the Hollywood studio was also informed on the matter on Sunday, the report added.

If the deal finally comes to fruition, it would be Amazon's second-biggest acquisition ever, after the $13.7B deal for Whole Foods Market.

The e-commerce giant is putting in billions of dollars to boost its content library for prime video. It has also committed a huge budget for the production of a TV series based on Lord of the Rings. Then, it is also expanding its live sports portfolio across its key markets. Ultimately, the competition is with the likes of Netflix and Disney of the world.

MGM has been looking for prospective buyers for a long time now. While it wanted to cut a deal at $9 billion, prospective buyers in the past did find it over expensive. The market valued the studio around $5 billion. Even Apple, Comcast reportedly spoke to MGM but could not reach any agreement. This time it is amazon that never minds paying some extra to dodge off the competition.

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