It has been virtual radio silence since the news dropped that Amazon was making a huge play to go after MGM in a reported $9 billion deal but, according to "Deadline", talks are still very much active and it won't affect the theatrical release for one of MGM's big tentpole titles. This means the latest James Bond effort, No Time To Die, will still see a full theatrical release after suffering several delays due to the COVID-19 pandemic.
Producers of the film, most notably Barbara Broccoli, nixed a deal for the film to be licensed to a streamer last fall and she has maintained that stance even through these current talks. The Bond producer turned down a $600 million deal for a one-year license of the film via Apple and she has no intention of starting of going into another one with Amazon. Needless to say, Bond will be going theatrical no matter what. Ridley Scott's Gucci starring Lady Gaga and several other MGM tentpoles are also expected to still hit theaters.
Talks between Amazon and MGM have been going on since as early as January. Even though things have gone a bit silent since the news went public, MGM's biggest stakeholder, Anchorage Capital, is desperate for the sale to go through. Back in 2016, MGM came close to selling to a Chinese suitor for $8-10 billion but Bejing's capital-control policy at the time stopped the deal from moving forward. Anchorage has had a 10-year position in MGM that has created a lot of friction with investors, including Highland Capital Partners, Davidson, Kempner Capital Management, Solus Alternative Asset Management, and Owl Creek Investments. It would seem that, if this deal goes through, it would eliminate some of the friction and that's why Anchorage Capital is more than ready to make the sale happen.
MGM has been up for sale for years and more suitors are likely to emerge but the Amazon play has been the most public grab that we've heard of in quite a while. MGM has north of 4,000 titles, 17,000 hours of TV as well as the Epix pay-TV network so it would be a huge get for the streaming service and it would put them in a very powerful position as these platforms become more prominent for entertainment.