Amazon reportedly in talks to acquire MGM for around $9 Billion

Amazon.com Inc. is in talks to buy James Bond movie company Metro-Goldwyn-Mayer, according to a person familiar with the matter, potentially taking one of the last major independent film studios off the market.

Amazon is considering a bid of about $9 billion, said the person, who asked not to be identified because the deliberations are private. Discussions could still fall apart and details such as price may change, the person said. The Information and Variety previously reported on the talks. 

An agreement would cap a rush of streaming deals that are set to make 2021 a record year for media takeovers. 

Reports about the discussions came on the day that AT&T Inc. announced its plan to create a new entertainment company by merging assets with Discovery Inc. in an entity that will be valued at about $130 billion including debt. The proliferation of streaming services, including newer arrivals such as Disney+, HBO Max and Paramount+, has put pressure on Amazon to acquire more programming. 

MGM’s vast backlog also provides plenty of material at a time when production of new shows and movies is still recovering from the pandemic. 

MGM and Amazon declined to comment on deal talks.