Amazon to buy MGM for $9 billion
Metro-Goldwyn-Mayer just might have a new owner very soon.
American E-commerce company, Amazon, is said to be in talks with the American film company, Metro-Goldwyn-Mayer, concerning acquiring it for $9 billion.
MGM had announced that it was putting itself up for sale in December 2020 and it piqued the interest of potential buyers such as Netflix and Apple but did not close a deal with them due to irreconcilable price differences.
However, December 2020 was not the first time MGM had put itself up for sale as the film company had repeatedly done that over the years.
This is said to be a result of the lingering effect of a bankruptcy crisis that MGM suffered a little over 8 years ago, causing it to enter into a $4 billion debt.
Amazon has been a heavy investor in the film and streaming services industry in the last few years, having spent over $19 billion on film in the last two years.
The successful acquisition of MGM will further strengthen Amazon’s position within the film industry.