Business & Economy

Amazon buys Hollywood giant MGM for $8.45 billion

New York, May 26 (EFE).- Amazon has signed a deal to acquire historic Hollywood movie studio MGM for $8.45 billion, the companies said in a statement Wednesday.

Founded in 1924, Metro-Goldwyn-Mayer has a vast catalog of over 4,000 films including the James Bond series and 17,000 TV shows with modern-hits such as The Handmaid’s Tale and Vikings, the statement said.

The MGM catalog has collectively won 180 Academy Awards and 100 Emmys, said Mike Hopkins, Senior Vice President of the e-commerce giant’s entertainment service Prime Video and Amazon Studios.

“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,” he added.

Kevin Ulrich, Chairman of the Board of Directors of MGM, added: “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.”

The acquisition of MGM is Amazon’s second-largest deal after its purchase of grocery chain Whole Foods for $13.7 billion in 2017.

The deal is pending the green light from regulators.EFE


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