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Amazon to buy movie studio MGM for $8.45 billion

MGM Metro-Goldwyn-Meyer Amazon Hollywood movie studio

Amazon has announced it has signed an agreement to acquire Metro Goldwyn Mayer (MGM) for $8.45 billion, one of its biggest company purchases to date.

The retail giant announced the news on 26 May.

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The purchase will let Amazon access the film studio’s library of films and TV shows.

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

“Amazon will help preserve MGM’s heritage and catalogue of films, and provide customers with greater access to these existing works.”

What to know about MGM

Founded in 1924, MGM is one of the oldest film studios in the world. Its library contains more than 4 000 films and 17 000 TV shows. Furthermore, it has won more than 180 Academy and 100 Emmy awards throughout its 97-year history.

The MGM library includes Hollywood blockbusters such as Gone with the Wind, Silence of the Lambs, Tomb Raider, and Robocop. It also has international distribution rights to a number of hit US TV shows.

News of the MGM purchase first surfaced in May. Variety reported the deal was being orchestrated by Senior Vice President of Amazon Studios, Mike Hopkins.

Amazon said the purchase would empower MGM to continue making movies.

“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,” Hopkins said about the purchase.

“It’s very exciting and provides so many opportunities for high-quality storytelling.”

Amazon added the purchase will be completed once it was subjected to regulatory approval.

Feature image: Pixabay/70154

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