Amazon and MGM have announced that they have entered into a merger agreement where Amazon will acquire MGM studios for US$8.45 billion (approximately AU$10.9 billion).
The merger had been anticipated, and drastically increases Amazon’s presence in the streaming market.
MGM was the last major independent film studio in Hollywood, and has a catalog including the James Bond films, Basic Instinct, Creed, James Bond, Legally Blonde, Silence of the Lambs and The Pink Panther.
It has rights over TV shows like Fargo, Vikings and The Handmaid’s Tale.
In a press release, Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios said, “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.”
Amazon also said that they will “empower MGM to continue to do what they do best: great storytelling.”
Kevin Ulrich, Chairman of the Board of Director of MGM said, “It has been an honour to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day.”
“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.”
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