James Bond To Have A New Home As Amazon Buys MGM Studios For $8.45 Billion
Amazon and MGM Studios have entered into a definitive merger agreement under which the former will acquire the media company for a whopping price of $8.45 billion.
Mumbai: Amazon Inc has announced that it is buying MGM Studios, the US-based media company, which has produced successful franchises like ‘James Bond’ and ‘Legally Blonde’. The business move is expected to intensify competition in the streaming space, which is dominated by Netflix and Disney+.
"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," senior vice president of Prime Video and Amazon Studios, Mike Hopkins, said in a statement.
MGM, which is one of the world's oldest film studios, was founded in 1924. The studio has also produced popular TV shows like ‘Shark Tank’ and ‘Vikings’.
Metro Goldwyn Mayer’s vast library includes movies like ‘12 Angry Men’, ‘Basic Instinct’, ‘Legally Blonde’, ‘Raging Bull’,’ Silence of the Lambs’, ‘Tomb Raider’, ‘The Magnificent Seven’, ‘The Pink Panther’, ‘The Thomas Crown Affair’, to name a few.
Kevin Ulrich, Chairman of the Board of Directors of MGM, said, “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.”
(With agency inputs)
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