It’s turning into quite a week for media biz mega-deals. First, Warnermedia and Discovery announced a merger; now word is spreading that Amazon is looking to buy MGM.
The tech giant is weeks into negotiations to acquire the storied Hollywood studio, industry sources told Variety. The reported price tag is around $9 billion. Currently, MGM’s biggest shareholder is hedge fund Anchorage Capital.
MGM is one of the few Hollywood studios not (yet) to have been bought by a huge conglomerate. But it has apparently been courting potential buyers for some time. In December, The Wall Street Journal reported that the studio was looking for a sale, citing people familiar with the matter. The company was then valued at around $5.5B, according to the paper.