Amazon signs agreement to Acquire MGM for $8.45 Billion

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Amazon announced today that it will acquire the Metro Goldwyn Mayer’s (MGM) for $8.45 billion, significantly enhancing its online content strategy.

“MGM has a vast catalog with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent SevenThe Pink Panther, The Thomas Crown Affair, and many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid’s Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios in a statement to the press. “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.”

The deal emphasizes Amazon’s willingness to spend deeply to remain competitive in the crowded streaming market. Amazon, NetflixDisney and other video streaming services have been looking to beef up their content libraries to win over subscribers, committing billions toward licensing content and developing original programming.