HomeShowsTV & Film: Amazon to buy MGM (Metro-Goldwyn-Mayer) for $8.45 Billion

TV & Film: Amazon to buy MGM (Metro-Goldwyn-Mayer) for $8.45 Billion

Amazon has announced that it will be buying & acquiring MGM (Metro-Goldwyn-Mayer) which owns part of the James Bond film franchise, among other films. The reported price tag at this point, $8.45 Billion in time would make the acquisition Amazon’s second-biggest after Whole Foods.

MGM (Metro-Goldwyn-Mayer) has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming.

Amazon says it will help preserve MGM’s heritage and catalogue of films and provide customers with greater access to these existing works. “Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling,” said Amazon in the announcement.

“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,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.

He added that MGM also has 17,000 TV shows, “including Fargo, The Handmaid’s Tale, and Vikings – that have collectively won more than 180 Academy Awards and 100 Emmys.”

“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 Hopkins. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

“It has been an honour to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day,” said Kevin Ulrich, Chairman of the Board of Directors of MGM.

“I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”

Completion of this transaction is subject to regulatory approvals and other customary closing conditions.

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