Amazon drops $8.45 billion on MGM and its huge catalog

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MGM is one of the big studios in Hollywood, and they have an extensive movie library with over 4,000 titles. These MGM titles include; 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 SevenThe Pink Panther, The Thomas Crown Affair, and many others.

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The Hollywood studio also controls over 17,000 TV shows, including Fargo, The Handmaid’s Tale, and Vikings. This is a huge buy and gives Amazon a larger footprint in the streaming media world and options for licensing titles to other streaming media companies like Netflix. Here’s what Amazon’s press release had to say:

Amazon drops $8.45 billion on MGM and its huge catalog
Tomb Raider is just one of the franchise’s owned by MGM.

Amazon (NASDAQ: AMZN) and MGM today announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion. MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming. Amazon will help preserve MGM’s heritage and catalog 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.

“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.”

“It has been an honor 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.”

Amazon

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Last Updated on May 26, 2021.

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