SEATTLE, WA (CelebrityAccess) — Amazon announced Wednesday that it has secured a deal to acquire MGM for a purchase price of $8.45 billion bringing the storied studio under Amazon’s aegis and bolstering the tech giant’s existing film and television production capabilities.
The deal also includes MGM’s extensive catalog of classic film and television content which will help to fuel Amazon’s streaming service as it seeks market share against rivals such as Apple TV+, Netflix, Hulu, and HBO Max.
“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.”
MGM’s film catalog features more than 4,000 movies such as 2 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, and The Thomas Crown Affair, among others.
MGM’s catalog also brings more than 17,000 television shows to Amazon, including recent hits such as Fargo, The Handmaid’s Tale, and Vikings.
Amazon, like other major streaming platforms, has been scrambling for content to fill out its library. Similar content acquisition deals include AT&T’s 2018 acquisition of WarnerMedia and Comcast’s acquisition of NBCUniversal in 2011.
“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,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
Completion of this transaction is subject to regulatory approvals and other customary closing conditions.