The online retailer – which also broadcasts drama and sports programming through its Prime subscriber service – declined to comment on what it called “rumors or speculation.”
Reports first emerged hours after the US telecommunications giant AT&T confirmé It was parting ways with its media assets, including movie studio Warner Bros. and TV channel HBO, in a $ 43 billion partnership with Discovery – aimed at creating a new streaming giant.
MGM produces television programs including The Handmaid’s Tale and Fargo as well as films including the Rocky and Robocop franchises as well as the 007 series.
Founded in 1924 and known for its roaring lion logo, the studio has 177 Oscars including 12 for Best Picture – including West Side Story, Annie Hall and Dances With Wolves.
The Seattle-based Amazon company, founded seven decades later as an online bookseller, has transformed global retailing and recently gained strength on the growing demand for streaming that was until now dominated by Netflix.
He also gained a foothold in the spread of football in the UK, recently renewed his agreement to show 20 Premier League games per season.
The company, whose founder Jeff Bezos announced earlier this year as he was stepping down as chief executive, saw his profits more than triple to $ 8.1 billion in the first quarter of this year.
It flourished during the pandemic as lockdowns speed the shift from physical to online stores. Profits nearly doubled to $ 21.3 billion in 2020.
The company’s talks to buy MGM were first reported by tech industry outlet The Information.
If it were to take place, the deal would be seen as the latest example of entertainment industry transformation, as it recognizes the growing dominance of streaming.
Like other movie studios, MGM has been hit hard by the coronavirus pandemic, with theaters largely empty for much of the past year.
The Financial Times reported that Netflix had held talks with the studio to acquire the new Bond movie much delayed No Time To Die for a streaming release, but a price could not be agreed.
Other major Hollywood studios are part of major media groups. Paramount is part of Viacom, Warner Bros. is part of AT&T, Disney owns Fox, and Universal is part of Comcast – also owner of Sky.