MGM turns to Amazon as Hollywood studio tries to find buyer

Streaming has become extremely competitive, with Disney + is coming strong and HBO Max, Apple TV + and Paramount + determined to make inroads. This has prompted the original streaming disruptors – Netflix and Amazon Prime Video – to rely more on high-profile films to continue to grow, especially overseas.

The 58-year-old James Bond franchise is a Hollywood crown jewel that has generated tens of billions of dollars in ticket sales, home entertainment revenue, video games and marketing partnerships. But 007 has been both an attraction and a deterrent to potential MGM bidders.

This is because MGM only owns 50% of the spy franchise. The balance is held by Barbara Broccoli and her brother, Michael G. Wilson. Through their company, Eon, which stands for All or Nothing, the siblings also have rock-solid creative control, approving every line of dialogue, casting decision, stunt sequence, TV commercial, poster, and billboard. Bond has enormous untapped value, with the ramifications of television as a potential windfall. But Ms Broccoli and Mr Wilson, worried about brand tampering, have blocked spinoff efforts in the past: Bond belongs to the big screens, not the small ones.

“If we have the wrong partners, there is a risk of conflict,” Wilson said in a 2015 interview.

“No Time to Die,” the 25th installment in the Bond series, cost around $ 250 million to make and is set to hit theaters on October 8 due to a pandemic. (The previous film, “Specter,” grossed around $ 900 million worldwide in 2015.) The role of James Bond is set to be recast after “No Time to Die,” as Daniel Craig leaves the role after 15 years .

Amazon’s entertainment strategy has evolved because streaming services have proliferated. Independent films like “Manchester by the Sea” and unconventional shows like “The Marvelous Mrs. Maisel” and “Transparent” gave Amazon a foothold in Hollywood; domination will require a steady supply of mainstream success.

The problem: Amazon Studios has limited bandwidth, most of which is tied to TV series – including an upcoming adaptation of “The Lord of the Rings” which is considered the most expensive show ever made, on a budget. ‘a season of $ 465 million. To stock its shelves with big movies, Amazon turned to outside suppliers. She paid $ 125 million for the rights to “Coming 2 America” ​​and $ 80 million for “Borat Subsequent Moviefilm”. In July, Amazon will release “The Tomorrow War,” a sci-fi show bought for $ 200 million.

Nicole sperling contribution to reports.

MGM turns to Amazon as Hollywood studio tries to find buyer

Source link MGM turns to Amazon as Hollywood studio tries to find buyer

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