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Amazon share price: what’s the latest as Fox Corp agrees multi-year deal?

The US-based technology giant saw its share price edge higher after Fox Corporation agreed to a multi-year deal that will see it use Amazon Web Services for its cable and satellite broadcasting.

Amazon saw its share price edge higher over the last two sessions after partnering with Fox Corporation to help reinvent its media content delivery.

The multi-year deal will see Fox use Amazon Web Services (AWS) to build an 8K capable media platform to create, produce and deliver live and on demand content, representing the latest tie-up between a major tech company and big media organisation.

‘FOX’s media platform is pioneering the delivery of live content using AWS’s unmatched breadth of functionality and highly reliable infrastructure to usher in a new model for content delivery that will drive operational efficiency and greater agility,’ Vice President and Chief Technology Officer at Amazon Werner Vogels said.

The financial terms of the deal were not disclosed.

Amazon’s share price is trading at $1,781 as of 15:30 GMT on Thursday, with it up 15% since the beginning of the year.

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Analysts see further gains in sight for Amazon

The 45 analysts offering 12-month price forecasts for Amazon have a median target of $2,180 for the stock, with a high estimate of 2,573.40, according to data compiled by CNN Business.

Based on Amazon’s current share price, the median target and high estimate represents a potential upside for the stock of between 22% to 44.5%

You can go long or short Amazon with IG using derivatives like CFDs and spread bets.

‘Jeff Bezos wants a culture of constant innovation and improvement to flow right through the group,’ Analysts from Hargreaves Lansdown said, commenting on its third quarter results.

‘While there's been numerous failures along the way (billions of dollars' worth, in fact) successes like [AWS] business have outweighed the failures many times over.’

‘After being given the freedom to create a solution and run with it, it's since morphed into a $25bn+ business specialising in cloud computing.’

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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