Iconic MGM Film Studio Sold To Amazon For $8.45 Billion In A Landmark Deal
California, May 18, 2021: Amazon.com Inc., an American tech giant, has bought the iconic movie studio MGM (Metro-Goldwyn-Mayer) for a massive $8.45 billion in a landmark deal, according to The Hollywood Reporter.. ## MGM, a nearly century-old Hollywood company, behind the James Bond series, also owns the Epix cable channel and makes TV shows, including popular shows like The Handmaid's Tale, Fargo, Vikings, and Shark Tank, would help bolster Amazon's Prime streaming service. ## "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", said Mike Hopkins, senior VP of Prime Video and Amazon Studios, in announcing the acquisition. ## The new deal between Amazon and MGM will add a vast collection of Hollywood classics and franchises to Amazon's mix. MGM boasts a film library of around 4,000 titles and 17,000 hours of TV programming, including the Bond, Rocky/Creed, and The Hobbit film franchises. ## Amazon and MGM both had earlier declined to comment on the development. The report says that the deal is orchestrated by Amazon Studios and Prime Video senior vice president Mike Hopkins, along with MGM board chairman Kevin Ulrich.## MGM has been seen as a takeover target for years but was never able to close a sale. It was earlier reported that MGM is in talks with Apple, and Netflix about taking its new James Bond film directly to streaming. However, the company said last year that it's committed to a theatrical release for the film, which is currently slated for Oct. 8 in the U.S.## In December last year, Reuters reported that the movie studio was exploring a sale and had tapped investment banks Morgan Stanley and LionTree LLC and started a formal sale process.## Stay tuned...
