In a major acquisition move, Amazon has announced its purchase of Metro-Goldwyn-Mayer (MGM) for $8.45 billion. The deal, which includes MGM’s vast library of over 4,000 movies and 17,000 TV shows, marks Amazon’s biggest push yet into the entertainment industry.
Legendary Hollywood studio
MGM, the legendary Hollywood studio behind the James Bond franchise and classic films such as “Gone with the Wind” and “The Wizard of Oz,” has been exploring a sale for some time. The acquisition by Amazon is expected to help the tech giant compete with other streaming services such as Netflix and Disney+.
MGM’s heritage and catalog of films
“Amazon will help preserve MGM’s heritage and catalog of films, and provide customers with greater access to these existing works,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
The acquisition will also bring some much-needed content to Amazon’s Prime Video platform, which has been working hard to catch up to its rivals in terms of original programming. With MGM’s library of iconic movies and TV shows, Amazon will be able to offer a wider range of entertainment options to its customers.
The deal is subject to regulatory approvals and other customary closing conditions, but is expected to close by the end of 2021. Amazon’s acquisition of MGM is just the latest in a series of major moves by the company to expand its reach into new industries and markets.
