MGM Stock – Communications Services Climb After Amazon Confirms MGM Deal – Communications Services Roundup
Communications services companies rose as a wave of deal-making in the sector continued.
Amazon.com agreed to buy Hollywood studio MGM Holdings, a deal the e-commerce giant is betting can jump-start its Prime Video streaming platform and position it to compete with industry heavyweights including Netflix and Walt Disney, for $8.45 billion, including debt.
The deal hinges on MGM’s library of 4,000 films, including iconic franchises such as “James Bond” and “Rocky.”
Shares of cinema chain AMC Entertainment, a popular “meme stock” with day traders, rose by more than 15%.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
May 26, 2021 17:01 ET (21:01 GMT)
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