The final nail in the coffin for MGM could be here. MGM is a studio that seems to either hit or miss, but when they miss they tend to miss very hard. They were banking on No Time To Die being one of the smash hits of 2020, but it just didn't happen. The studio has been forced to delay the movie twice, and with those delays come scrapped marketing campaigns too. The modern-day James Bond movies are always insanely expensive, so each delay is just pushing that movie further and further into the red. Part of the reason The Hobbit was made by a bunch of different studios and MGM is because MGM has millions in debt. So it isn't that surprising to hear from The Wall Street Journal (via Variety) that MGM is reportedly looking to sell.
The WSJ is reporting that they currently have an evaluation of $5.5 billion, and they are "betting that its library of content will prove attractive to companies pursuing growth in streaming video." As per Variety, MGM has a valuable library.
MGM has a film library of over 4,000 titles and 17,000 hours of television programming, including film franchises like "Rocky" and "The Hobbit," as well as television shows like "The Handmaid's Tale" and "Vikings."
There aren't any rumors of buyers, but the problem is that why MGM is struggling, so is everyone else. There is no indication about when the movie theater industry is going to turn around, and Warner Bros. has already announced hybrid releases for all of their 2020 movies. There might not be anyone with the money lying around to buy MGM, at least not at their current evaluation. That being said, Warner Bros. would be an obvious choice and along with Disney but neither of those needs any more studios. They appear to be just looking into it and using the media to gauge whether or not there is any interest from other companies, so mission accomplished?