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Streaming war intensifies, as Amazon eyes MGM studios

The deal is still at the discussion level.

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KOLKATA: US tech giant Amazon is in talks to acquire the “Bond studio” MGM to bolster its ambition in the streaming media, according to reports. The mega-deal is being orchestrated by Amazon Studios and Prime Video senior vice president Mike Hopkins, along with MGM board chairman Kevin Ulrich.

Founded in 1924 MGM's wide Hollywood library includes names like Bond, Hobbit, Rocky, and Pink Panther franchises as well as movies like The Silence of the Lambs, The Magnificent Seven, Four Weddings, and A Funeral along with a streaming service Epix.

Although media is not a big part of e-commerce giant Amazon's portfolio, it has gradually increased focus on the segment. Prime Video's viewer base has surpassed 175 million, the company revealed recently. According to reports, MGM has been looking for prospective buyers. While the company wants to value itself at $9 billion, others are valuing it at $5 billion.

At the end of 2020, there were already reports that MGM had tapped Morgan Stanley and LionTree to explore a sale. Even Apple and Comcast also reportedly spoke to the studio but they could not reach an agreement.

The reports came close on the heels of Discovery-AT&T’s media assets merger deal to build a new streaming giant. In the last few years, the global media and entertainment industry has witnessed a number of consolidations as the streaming competition rises.

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