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MGM Spikes On Report Amazon Wants To Buy It

MGM Spikes On Report Amazon Wants To Buy It

MGM stock spiked after hours following a report from The Information that Amazon is in talks to buy the hospitality and entertainment giant. The move would be Amazon’s biggest move yet to expand in entertainment, the Information said, and is likely pursuing MGM’s extensive content library.

According to the source, the status of the discussions with MGM, which owns a major film library, with interests in the long running James Bond franchise as well as other well known titles such as Rocky and Pink Panther, is unclear and it’s possible no deal will result, however even if there is no deal, other companies have also been looking at making a bid.

MGM stock spiked as high as $41 after hours before retracing gains although with 4.3% of the float short, should the news gain traction, it is likely that a squeeze could push it well higher.

Tyler Durden
Mon, 05/17/2021 – 18:15

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