Amazon have finally announced that they have acquired movie studio MGM for the sum of $8.45 billion.
With this deal, Amazon added the studio’s catalog of movies and TV titles to its booming Amazon Prime streaming service. From movies like The James Bond, Rocky, and Barbershop franchises to Television mainstays like Fargo and The Handmaid’s Tale.
Amazon also added that they hope to leverage MGM’s filmmaking history and catalog of 4,000 films and 17,000 TV shows to bolster Amazon Studios, its film and TV division.
“MGM has a vast catalog with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid’s Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
He also added that “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. It’s very exciting and provides so many opportunities for high-quality storytelling.”
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MGM becomes the company’s second-biggest acquisition after the company acquired Wholefoods in 2017 for $13.7 billion.
Chairman of MGM’s board, Kevin Ulrich said the deal represents a transformation for the studio.
“The opportunity to align MGM’s storied history with Amazon is an inspiring combination” He also added.
The MGM buy further shows Amazon’s plan to become a mainstay in Hollywood. The company had announced last week that it was launching a global media and entertainment division. The division would be headed by Jeff Blackburn, one of Amazon’s top executives.
Amazon already greenlit a whooping $465million for the first season of a “Lord of the Rings” TV show.