Amazon closing in on deal to buy MGM for 'almost $9 billion'

Amazon is set to clinch a deal to buy Hollywood studio MGM for 'almost $9 billion' this week, sealing a tie-up that's been talked about for the past week as the streaming wars heat up even further.

The deal with significantly strengthen Amazon Prime's hand in the ongoing streaming wars, bringing box office hits such as the James Bond and Hobbit franchises to the platform.

It would come just as AT&T is offloading its WarnerMedia assets into a new company with Discovery.

The Wall Street Journal reported the deal could happen 'as early as this week', after weeks of speculation that the move was happening. MGM brought in investment banks Morgan Stanley and LionTree LLV in December to explore sale options.

Metro-Goldwyn-Mayer, the last standalone American studio, which owns storied franchises such as the James Bond and Rocky stable of films, would significantly bulk up Amazon's catalog, giving it a huge boost for its Prime Video service to compete against the likes of Netflix, Hulu and Disney+.