LOG ANGELES: Hollywood studio MGM (Metro-Goldwyn-Mayer) is reportedly being sold for more than five billion dollars.
Since years, there have been several attempts to sell the studio. The last attempt was made this year in January to sell it to several other companies, including Netflix and Apple. However, due to high prices, the matter could not proceed.
The advent of streaming companies in the entertainment market has not only increased the demand for well-run dramas and films but also the demand for franchises that can generate long-term profits.
In this situation, the importance of an old Hollywood studio like MGM, which has a library of 4,000 movie titles and 17,000 hours of TV programming, increases. MGM’s library includes Hollywood blockbuster franchises such as James Bond and The Hobbit, as well as popular TV dramas such as The Handmaid’s Tale.
Last year, MGM received 1.5 billion in revenue from the library. Founded in 1924, MGM Studios has been sold many times before and has been a blockbuster film to its credit.