[Special Stock] Corpus Korea Rises on Amazon MGM Acquisition News... Optimism for Global OTT Expansion

[Asia Economy Reporter Jang Hyowon] Corpus Korea, which supplies content to Amazon, is showing strong performance following news that Amazon is negotiating to acquire MGM, the production company famous for the '007' film series, to strengthen its online video service (OTT) business capabilities.

As of 10:10 AM on the 20th, Corpus Korea is trading at 2,930 KRW, up 120 KRW (4.27%) from the previous day.

According to foreign media, Amazon is in negotiations to acquire MGM. MGM reportedly demanded a price of about 9 billion USD (approximately 1 trillion KRW), but the market has valued it at around 6 billion USD.

MGM, a traditional film production company established in the 1920s, currently operates not only in film but also runs the cable channel Epix and produces TV shows. It has attempted to sell multiple times and was reported by U.S. media last December to have been in contact with investment banks such as Morgan Stanley.

Amazon has steadily expanded its presence in the media industry since establishing Amazon Studios in 2010 to produce its own dramas, and it also operates the online video service (OTT) 'Prime Video.'

Meanwhile, Corpus Korea announced in April that it signed a content supply contract with Amazon through its local Japanese subsidiary, Corpus Japan. The contract with Amazon is worth approximately 4.2 billion KRW annually, and the contracted content will be serviced through Amazon Prime Video in Japan.