#PRODUCTION STUDIO FOR SALE MOVIE#

The only other example is the purchase of Whole Foods Market in 2017, which came after Amazon spent a decade trying to become a player in grocery sales - with little to show for its efforts and investment. ItвЂ™s unusual for Bezos to spend big bucks on a legacy business like MGM. Amazon also has snatched up-and-comers in new business lines, such as the game platform Twitch or Kiva, which makes warehouse robots. Previously, Amazon has acquired smaller startups it perceived as a threat - footwear seller Zappos, say, or parent Quidsi. The company made a fresh push last year, when itВ reportedlyВ hired advisers to seek offers. MGM has been seen as a takeover target for years, but was never able to close a sale before. Moreover, with retail rivals like Walmart rolling out more sophisticated online stores, Amazon must work even harder to keep its 200 million Prime subscribers loyal.

#PRODUCTION STUDIO FOR SALE MOVIE#

Chief Executive Officer Jeff Bezos has made no secret of his desire for movie moguldom, and MGMвЂ™s vast backlog provides an abundance of streaming material, not to mention an opportunity to mine the iconic James Bond and Rocky franchises for new films and television shows. The proliferation of streaming services, including newer arrivals such as HBO Max and Disney+, has put pressure on Amazon to acquire more programming. вЂњItвЂ™s very exciting and provides so many opportunities for high-quality storytelling.вЂќДЄmazon shares were up less than 1% Wednesday morning in New York. Its brass might decide thatвЂ™s ultimately more important to protect than a boost in funding or a broadening of reach.вЂњThe real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGMвЂ™s talented team,вЂќ said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement.

Operating independently, outside the grip of established institutions, has allowed A24 to create a unique identity and thrive in the age of content glut. An acquisition by Big Tech or a major Hollywood studio would jeopardize everything A24 has built in the last eight years. No oneДЄ24 fans likely prefer the company remain independent. But itвЂ™s never been shy about swallowing up the competition.

ThereвЂ™s already some overlap between Fox Searchlight and A24, so Disney might not feel it needs a brand like A24 under its corporate umbrella. The Mouse House already owns a number of film brands, including Lucasfilm (maker of Star Wars), Marvel, and now, thanks to its acquisition of FoxвЂ™s entertainment assets, the Fox Searchlight indie studio. A24 could struggle to remain true to itself if acquired by Amazon. AmazonвЂ™s video-game efforts have stalled largely due to clashes between its rigid, corporate culture and the more carefree, creative vibe of the gaming world. But thereвЂ™d be questions about AmazonвЂ™s ability to mesh cultures with the much smaller, hipper A24. The 2020 Apple TV+ film On the Rocks, directed by Sofia Coppola, was a result of that arrangement.ДЄ24 would likely net Amazon more Oscars and add another brand to enhance Amazon Video, which reaches nearly 200 million users around the world. The two companies maintain a close relationship: That same year, Apple announced a multi-year partnership in which A24 would produce some films exclusively for the tech giant. It reportedly explored an acquisition of A24 in 2018. HereвЂ™s who could be interested in snapping up A24: AppleДЄpple is the most obvious suitor. And even if A24 doesnвЂ™t intend to sell at this moment, the pressure to link up with a conglomerate thatвЂ™s flush with cash isnвЂ™t likely to go away. Its films tend to receive critical accolades, which would strengthen the film bona fides of any company that purchases it.ДЄmid the escalating content wars, thatвЂ™d be a valuable chip to have for a larger media company that might not be able to cultivate such a brand on its own. A24 has carved out a small but powerful niche of releasing original movies for adults at a time when seemingly everything else that comes out in a theater is a superhero sequel or some other adaptation of a well-known media franchise. ( Hereditary, a 2018 horror film, is its highest-grossing title at $80 million).Д«ut, taken together, they tell the story of a modern-day Miramax-a film distributor with an army of highly engaged followers and a propensity for attracting top Hollywood talent to its projects. The companyвЂ™s films individually donвЂ™t smash the box office. To a potential suitor, the real value of A24-whose films have earned more than 30 Oscar nominations since it was founded in 2013-is its unique brand identity.

Production studio for sale