MGM Holdings Inc., one of the most famous movie studios in the world, is looking to sell for more than $5 billion, according to reports.
MGM, was founded in 1924 and has produced classic movies such as the James Bond franchise, Rocky franchise, and The Hobbit trilogy. But now, the studio is reportedly hoping to take advantage of the ‘streaming wars’ due to its massive library, according to The Wall Street Journal. MGM has 4,000 film titles and 17,000 hours of TV programming, according to The Guardian. Investment banks Morgan Stanley and LionTree LLC have begun MGM’s sale process, placing its market value at $5.5 billion, The Wall Street Journal reported. (RELATED: ‘Wonder Woman 1984’ Comes Out Friday On HBO Max)
The James Bond franchise is the fifth-most popular movie franchise of all-time, according to The Guardian, with 24 total films. The newest Bond film, ‘No Time To Die,’ has been pushed back due to the coronavirus to be released in April 2021 — a time when MGM is reportedly hoping to strike a deal, The Wall Street Journal reported.
The movie studio MGM is exploring a sale, people familiar with the matter said, betting that its library of content will attract companies pursuing growth in streaming video https://t.co/vRP6RKMwZw
— The Wall Street Journal (@WSJ) December 21, 2020
If MGM follows through, it would be the first major movie studio to sell amid the coronavirus pandemic, according to Screen Rant. Closures and restrictions of movie theaters have accelerated the financial struggles of movie studies, the entertainment news website added. (RELATED: REVIEW: ‘The Mandalorian’ Season 2 Finale Drops Incredible Reveal)
MGM has explored selling on numerous occasions in the past, according to The Guardian, with the latest instance being in January.