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Amazon has Acquire Film and TV Company MGM for $8.45 Billion

Amazon has reached a deal to acquire the film and TV company Metro-Goldwyn-Mayer for $8.45 billion.

It will give the e-commerce giant access to the famed studio’s extensive library of movies and TV shows, including film franchises such as “Rocky” and “James Bond.” 

According to Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, “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,” he added.

Buying MGM may give the company founded by Jeff Bezos the boost in premium content it needs to become the No.1 platform in digital streaming. With over 150 million subscribers, Amazon Prime Video ranks second only behind Netflix, which has just over 200 million subscribers. 

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