Amazon agrees to buy iconic MGM film studio for $8.45BN
Al Jazeera
Amazon is betting that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content.
Amazon.com Inc. agreed to buy the Metro-Goldwyn-Mayer movie company for $8.45 billion, a bet that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content. The takeover is Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion but follows investments of about $11 billion on content for its streaming video and music services last year alone. “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,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
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