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Lights, Camera, Amazon!
Amazon is setting its sights on the silver screen and is reportedly securing a paycheck of $8.45 billion for it.
27.05.21 Update: Amazon has acquired MGM for $8.45 billion, the retailer has confirmed. The retailer will ‘preserve MGM’s heritage and catalog of films”, and further complements 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,” said Mike Hopkins, the Senior VP of Amazon Studios and Prime Video. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
Amazon is setting its sights on the next big thing…MGM. Metro-Goldwyn-Mayer is the studio that owns films like the James Bond franchise, The Wizard of Oz, Doctor Zhivago and A Star is Born.
While this may seem like a story out of the woodwork, it could actually be a huge game-changer for the online giant. Bloomberg Intelligence said that this acquisition “could raise Amazon.com’s streaming profile by adding a mountain of proprietary content, strengthening the reach and value of its Prime offering. The deal would be Amazon’s second-biggest after Whole Foods.”
Amazon bought the healthy supermarket, Whole Foods, in 2017 for USD13.7 billion – this is the largest acquisition for the company to date.