Times are tough, even for large media companies. Less than two weeks after that AMC announced it will break down in January, The Wall Street Journal reports that MGM Holdings, Inc. examines what it would look like to sell oneself to the highest bidder. Based on privately traded stock, the company has a market value of $ 5.5 billion, including debt, the outlet said. That’s a lot of money, but that’s Jeff Bezos lunch money at Amazon or Netflix, which just seems to be printing its own money.
MGM, which co-owns the James Bond franchise, is reportedly counting on interest from streaming services eager to acquire the permanent rights to their major properties, such as movie franchises such as Rocky and The Hobbit as well as TV shows such as The Handmaid’s Tale and Vikings. “The studio has considered a sale on several points in recent years, but potential suitors have previously objected to the price MGM was seeking. MGM hopes that the current process will spark interest beyond traditional Hollywood players from international media companies, private equity investors and blank check firms, ”a source said. WSJ. If MGM can’t sell its entire studio, maybe they’ll try it piecemeal: it was reported in October that the company looking to sell No time to die–the latest Bond movie, originally slated to premiere last spring-to Netflix for $ 600 million. (Variety at the time noted that MGM itself has flatly denied ever attempting to buy out its flagship franchise.)
Ah, what it would be like to be a “blank check company”. Speaking of blank checks, while Congress sees fit to give Americans in need only a meager $ 600 as part of their current COVID stimulus bill, it seems like movie theater companies like the aforementioned AMC are in luck. Fortune reports that the bill – which was proposed on Sunday and is currently going through the finalization and voting process – includes the Save Our Stages Act, which would “ help live music and theaters, independent cinemas and other cultural institutions ” hit the $ 15 billion tune.
The current incentive bill too contains a proposal of Republican Senator Thom Tillis of North Carolina would make streaming illegal content a crime. If passed, illegal streaming could face a prison sentence of up to 10 years.