Amazon has got its biggest entertainment acquisition till date for a whopping $8.45 Billion!
(Now that’s a LOT LOT of money!)
Amazon, the e-commerce giant has finalised on a deal to acquire the film and TV company Metro Goldwyn Mayer (MGM) for $8.45 Billion. The acquisition means that Amazon will have its own content library, thanks to MGM’s 4000 films and about 17,000 hours of TV. As per reports “The acquisition is likely to help Amazon attract even more big-spending Prime subscribers as its Prime Video service competes with the likes of Netflix and Disney Plus.“
MGM is one of the most renowned Hollywood studios with James Bond and Rocky franchises being its most notable productions. It is also home to the unscripted reality TV shows like Shark Tank and The Voice and also to classic films like 12 Angry Men. Perhaps one of the most famous appearances of MGM logo and its famous lion has been during the opening scene of the television cartoon show Tom & Jerry.
As per Amazon, the acquisition will “provide customers with greater access” to MGM’s works and “empower” the studio to continue its “great storytelling.”
Mike Hopkins, senior vice president of Prime Video and Amazon Studios says: “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.”
The sale of MGM has come up at the time of Hollywood consolidation, where companies attempt to beef up their content libraries in order to compete with Netflix and Disney. With MGM now becoming a part of Amazon’s acquisition spree it has given the e-commerce giant a massive boost to its expanding content library.