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Amazon bought MGM, the Hollywood studio behind the James Bond and Rocky franchises, for nearly $ 8.5 billion as the battle for global broadcast supremacy reaches new heights.
MGM also known as Metro-Goldwyn-Mayer Pictures is one of the oldest movie studios in the world, formed in 1924.
The deal is the second-largest acquisition in Amazon history after nearly $ 14 billion from Whole Foods in 2017.
Amazon said it hopes to leverage MGM’s filmmaking history and its extensive catalog of 4,000 movies and 17,000 TV shows to help boost Amazon’s studios and film and television division.
The MGM purchase will give Amazon access to more movies, shows, and popular characters, including Rocky, Robocop, and Pink Panther. Amazon will also get a cable channel: Epix, which is owned by MGM.
The deal, subject to familiar approvals, would make Amazon, which is already one of the most powerful and valuable companies in the world, even bigger. Regulators around the world are examining Amazon’s business practices, specifically the way it looks at information from companies selling goods on its site and uses it to create products with their Amazon brand.
The deal is the latest in the media industry aimed at boosting streaming services to compete with Netflix, Disney +, and other streaming services.
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