Amazon buys MGM in USD 8.45 billion deal

The movie studio home to the `James Bond` franchise, entertainment company -- Metro Goldwyn Mayer (MGM)-- and Amazon on Wednesday announced a definitive merger agreement under which Amazon will acquire MGM for USD 8.45 billion.

Originated in 1924, MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming, the companies said.

Leading entertainment giant MGM has won more than 180 Academy Awards and 100 Emmys, and has one of the industry`s most exciting upcoming film slates, including House of Gucci, No Time to Die, Respect, The Addams Family 2, and the untitled Paul Thomas Anderson film.

Amazon will help "preserve MGM`s heritage and catalogue of films" and provide customers with greater access to these existing works, stated the companies.

"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," added Hopkins.

Chairman of the Board of Directors of MGM, Kevin Ulrich said, "It has been an honour 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."

"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," added Ulrich

 

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