Amazon Is Buying MGM for $8.45B — MOMO

Amazon Officially said on Wednesday it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions.

“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,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.

It is the second-largest acquisition after the Whole Food acquisition in 2017 for a whopping 13.7 Billion USD.” 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,” said Kevin Ulrich, Chairman of the Board of Directors of MGM.

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

MGM will make Amazon’s TV and film library even more robust. The Hollywood studio owns the James Bond catalog and has made several hit shows, including “The Handmaid’s Tale” and “Fargo.” It also owns a premium cable network Epix and owns several popular reality TV shows, including “Shark Tank,” “Survivor,” and “The Real Housewives. As a result, Amazon now has a great edge among the OTT; We will see what it will do with this edge soon.

Originally published at https://monitortomouse.com on May 27, 2021.