First reported last week, it has now gone past the negotiation stage and the deal is done – Amazon has officially acquired MGM for a purchase price of $8.45 billion.
Through the acquisition, Amazon says they plan to help preserve the heritage of MGM’s near-century-long film and TV library along with providing customers greater access to their existing works.
MGM currently has ownership of over 4000 titles and 17,000 hours of television programming, those works collectively winning over 180 Oscars and over 100 Emmys.
Mike Hopkins, senior VP of Prime Video and Amazon Studios, says in the press release that “the real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team.”
MGM is famed for franchises such as James Bond, Rocky, Stargate, The Hobbit, Pink Panther, Candyman, RoboCop and more. Upcoming projects include “Snake Eyes,” “Respect,” “Candyman,” “Creed 3,” “Tomb Raider 2,” “House of Gucci,” “Legally Blonde 3” and new films from George Miller and Ron Howard.
Source: MGM
