Amazon buys MGM Studios: Here’s what it gets

Jeff Bezos has a brand new pet lion.

Amazon.com Inc. has reached a deal to accumulate the storied MGM Studios for $8.45 billion, a transfer that may considerably bulk up its content material library and leisure IP within the escalating conflict between premium streaming providers. In a joint announcement Wednesday, the businesses stated MGM’s arsenal of greater than 4,000 titles—together with franchises starting from James Bond and The Pink Panther to the Rocky and Poltergeist films—will complement the Seattle e-commerce large’s present Amazon Studios, which is essentially targeted on TV sequence.

For Amazon, the acquisition is the biggest since it scooped up Entire Meals Marketplace for $13.7 billion in 2017. It comes as competing corporations resembling Disney and Netflix are spending an increasing number of billions annually to maintain their streaming providers replenished with contemporary films, TV sequence, and acquainted franchises.

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The content material arms race in TV streaming is forcing ever-more consolidation, most just lately with the merger between Discovery and WarnerMedia, introduced final week. MGM, or Metro-Goldwyn-Mayer, has a lineage that dates again to the silent period, however it declined in prominence within the a long time following Hollywood’s Golden Age. Since rising from chapter in 2010, the corporate had undergone quite a few partnership bulletins and administration adjustments earlier than reportedly exploring a sale in 2020.

“The actual monetary worth behind this deal is the treasure trove of IP within the deep catalog that we plan to reimagine and develop along with MGM’s gifted group,” Mike Hopkins, senior VP of Prime Video and Amazon Studios, stated in an announcement. “It’s very thrilling and offers so many alternatives for high-quality storytelling.”

Amazon shares have been up 0.41% to $3,272.08 in early-morning buying and selling.