Amazon is on the verge of buying MGM Studios, the co-owner of the James Bond franchise and other film and television series, for $ 8.5 billion to $ 9 billion, according to people familiar with the matter.
The deal is expected to be announced on Tuesday. People asked not to be named because the conversations are private.
This would be Amazon’s largest acquisition since purchasing Whole Foods in 2017 for $ 13.7 billion.
The Wall Street Journal reported earlier Monday that the deal could be announced this week.
Amazon is keen to get more TV and movie content for its Prime Video service as it competes with Netflix, Disney, and other streaming video services. MGM is a natural addition to any streaming service because of its abundance of content.
MGM, a private company, has been looking for a buyer for several years. Owners include Anchorage Capital, Highland Capital Partners, Davidson, Kempner Capital Management, Solus Alternative Asset Management, and Owl Creek Investments – funds that took control of the studio when it went bankrupt in 2010.
MGM owns a number of famous film and television franchises including Rocky, Legal Blonde, The Pink Panther, and Stargate. It also has a studio that has shot more recent TV hits like “The Handmaid’s Tale” and “Fargo”.
MGM owns a number of popular reality television shows, including Shark Tank, Survivor, The Real Housewives, and The Voice.
MGM also owns Epix, a premium pay-TV service valued at approximately $ 1.3 billion in 2017.
MGM and Amazon representatives were not immediately available to comment.