Amazon Reportedly Has Made a $9 Billion Offer for MGM

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Earlier today it was announced that AT&T and Discovery have entered into a deal concerning WarnerMedia. Discovery will now manage the entertainment division in a new partnership with AT&T. Now, word has come that Amazon is “weeks into negotiations” in a deal to acquire MGM. The rumored price tag is about $9 billion. Prices have ranged between $7 billion and $10 billion. It’s been a rumor for quite some time that MGM was thinking about, our up, for sale, but this puts that in a whole other league.

The deal is reportedly being worked on by Mike Hopkins, senior VP of Amazon Studios and Prime Video. Hopkins is dealing directly with MGM board chairman Kevin Ulrich.

MGM has a “deep” library with 4,000 films including James Bond, Rocky, Creed, RoboCop, The Hobbit, and Pink Panther. That’s just the franchises. There are also classics like Silence of the Lambs and The Magnificent Seven. There are also 17,000 episodes of series like the various Stargate series. Fargo, The Handmaid’s Tale, Teen Wolf, In the Heat of the Night, and more. Unscripted shows include The Voice, Survivor, Shark Tank, The Real Housewives, and The Hills.

In 2020, Amazon spent $11 billion on TV shows, moves, and music for Prime services. That’s an increase of 40% from the previous year.