Amazon Rumored to be Eyeing Movie Gallery Purchase
Chicago, Reuters has reported rumors that Web retailer Amazon may be considering an acquisition of movie-rental chain Movie Gallery. The speculation sent shares of Movie Gallery, Inc., up as much as 26%.
Amazon spokeswoman Patty Smith declined to comment, saying that the company does not confirm or deny rumors or speculation. Movie Gallery has not yet been reached for comment.
Last February, Movie Gallery stock spiked 20% on rumors that the company was considering taking itself private or being bought out. In March, shares dropped to their lowest level since 2001 on concerns over Movie Gallery’s financial future.