afaqs! news bureau

Amazon has acquired MGM studios, home to James Bond, The Handmaid’s Tale, and Fargo for $8.45 billion

It is Amazon’s second-largest deal following its acquisition of Whole Foods in 2017 for $13.7 billion.

Amazon announced yesterday (May 26, 2021) that it will acquire MGM Studios for $8.45 billion in a move that is set to bolster the tech major’s Prime Video streaming service lineup.

Nearly a century-old, MGM is home to some of the biggest entertainment properties such as James Bond, Creed, Rocky, The Handmaid’s Tale, Fargo, Raging Bull, The Pink Panther, Tomb Raider.

Amazon 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.

MGM has a vast catalog with more than 4,000 films that also includes 17,000 TV shows.

Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios said “The real financial value behind this deal is the treasure trove of IP in the deep catalogue 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,” he added.

“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.

He went on to add, “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.”