Amazon has sealed a deal to snap up Metro Goldwyn Mayer (MGM) for $8.45 billion, the two companies announced in a joint statement Wednesday, …
Amazon has sealed a deal to snap up Metro Goldwyn Mayer (MGM) for $8.45 billion, the two companies announced in a joint statement Wednesday, with the acquisition being Amazon’s second-biggest ever and the company’s boldest foray yet into the entertainment industry. With the acquisition, which is subject to regulatory approvals and other customary closing conditions, Amazon hopes to leverage MGM’s catalog of some 4,000 films and 17,000 TV shows to help bolster Amazon Studios in its streaming war with competitors like Disney+, Hulu, and Netflix. “The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.” MGM’s vast catalog of films and TV shows, which have collectively won over 180 Academy Awards and 100 Emmys, includes such icons as James Bond, Robocop, and Rocky. Kevin Ulrich, chairman of MGM, said in a statement that the deal represents a “historic day” and that “the opportunity to align MGM’s storied history with Amazon is an inspiring combination.
