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Illustration: Annelise Capossela/Axios

Amazon is reportedly in talks to acquire MGM Holdings, the legendary Hollywood studio, according to The Information. The deal could cost between $7 billion and $10 billion.

Why it matters: This would be Amazon's biggest move yet into entertainment.

  • "Amazon's interest in MGM comes as traditional Hollywood is undergoing a new round of consolidation, with Discovery's deal to acquire WarnerMedia from AT&T, as entertainment companies try to get more scale so they can better compete with Netflix and Disney," the Information's Jessica Toonkel and Nick Wingfield report.

Go deeper

Aug 12, 2021 - Economy & Business

Disney stock spikes on big earnings beat

Photo by Liao Pan/China News Service via Getty Images

Disney's stock was up roughly 4% in after-hours trading after the company posted strong top and bottom line revenue gains.

Why it matters: Investors were bullish heading into Disney's earnings report, given that the company was finally able to open its Disneyland last quarter. The company also debuted two of its biggest blockbusters on its streaming service Disney+ (in conjunction with theater releases), boosting subscriber numbers and beating Wall Street estimates.

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The 2014 shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.

4 hours ago - World

Biden's ambassador nominee: "China is not an Olympian power"

Nick Burns testifying before the Senate Foreign Relations Committee. Photo: Sarah Silbiger/Bloomberg via Getty Images

President Biden's nominee to serve as ambassador to China delivered a stark assessment of the challenges the U.S. faces in confronting Beijing, but stressed that the rising superpower is "not all-powerful" and the West retains "substantial" advantages.

The big picture: Nicholas Burns, a retired career diplomat and former U.S. ambassador to NATO, used his confirmation hearing Wednesday to echo the growing bipartisan consensus that China poses "the greatest threat to the security of our country and the democratic world" in the 21st century.

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