Amazon Completes $8.45 Billion Deal to Acquire Movie Studio MGM

On Thursday, Amazon announced the completion of its $8.45 billion acquisition of the famous movie studio, MGM. The deal, which was first announced in May, could provide Prime Video a lift while also boosting Amazon Studios (the company’s original production arm).

In a blog post, Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said,

We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.

Amazon Completes $8.45 Billion Deal to Acquire Movie Studio MGM

MGM has a film library of almost 4,000 titles, including iconic franchises such as James Bond and Rocky. MGM will complement Amazon’s work in “delivering a diverse array of entertainment choices to customers.” It offers thousands of TV episodes and the potential for spinoffs, reboots, and much more.

The purchase was completed after a regulatory review period and approval by the European Union’s antitrust regulator earlier this week. The acquisition is Amazon’s largest since its $13.7 billion purchase of Whole Foods Market in 2017.

About MGM:

Marcus Loew created MGM by merging Metro Pictures, Goldwyn Pictures, and Louis B. Mayer Pictures into one entity.  It employed a number of renowned actors. Its slogan was “more stars than there are in heaven,” and it quickly established itself as one of Hollywood’s “big five” film studios, making famous cinematic musicals and winning numerous Academy Awards.

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