MGM has been in preliminary talks with both Apple and Netflix about a potential acquisition, CNBC reports. Acquiring the studio would give either company access to franchises including Rocky, RoboCop, and Species, as well as co-ownership for the copyrights to existing James Bond films, and a large movie library.
“MGM had revenue of more than $1 billion for the first nine months of the year consisting primarily of about $600 million in TV and film licensing revenue and $300 million from Epix subscriptions,” says the CNBC report.
MGM currently has rights to films released by the studio since 1986. Those films released before 1986 were sold to Turner Entertainment, now owned by WarnerMedia.
MGM was downgraded from being considered a major studio to a mini-major studio at the same time as the Turner Entertainment deal. Later, in 2010, MGM came back from a bankruptcy. Since then, MGM owners which include Anchorage Capital, Highland Capital, and Solus Alternative Asset Management, have been looking for potential buyers.
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