Amazon.com Inc. said it closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer. Acquire MGM
The takeover was announced on the company’s website on Thursday.
The deal is Amazon’s largest since it agreed to buy Whole Foods for $13.7 billion in 2017.
MGM is the home of the Bond series and one of the most iconic movie companies in Hollywood history.
The move is intended to strengthen Amazon’s position in the entertainment industry while also providing more content for its streaming service, Amazon Prime Video, which already has a large library. This should help Amazon compete in the highly competitive streaming industry against Netflix (NFLX) and Disney+.
MGM and its more than 4,000 films and 17,000 TV episodes will now be under the Amazon umbrella, according to the acquisition, which was first announced in May.
None of them are more successful than the James Bond film series, which has grossed billions of dollars over the previous 60 years. Since its October premiere, the suave British spy’s latest picture, “No Time to Die,” has grossed over $770 million worldwide.
Mike Hopkins, SVP of Prime Video and Amazon Studios, said in a statement, “MGM has a nearly century-long tradition of producing excellent entertainment, and we share their dedication to delivering a diverse slate of original films and television shows to a global audience.”
“Rocky,” “The Handmaid’s Tale,” “RoboCop,” “Legally Blonde,” and the Epix TV network are among MGM’s notable franchises.
The deal was completed without the Federal Trade Commission raising any objections. Acquire MGM