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A bit over a year ago, prolific movie studio MGM announced that it was looking into a potential sale, and Amazon stepped up as a potential buyer. In May of 2021, Amazon went public with its finite decision to purchase the studio known for its James Bond and Rocky franchises. Variety now reports that Amazon has closed in on its $8.5 billion deal, making the acquisition official.
A huge factor in Amazon’s decision to purchase MGM was the wealth of content it would be able to bring to its streaming platform, Amazon Prime Video. “The storied, nearly century-old studio — with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards — will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers,” said Amazon in a statement.
Mike Hopkins, senior vice president of Prime Video and Amazon Studios, plans on incorporating MGM’s current roster of employees and talent into Amazon’s current setup. “We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers,” he said.
In addition, Hopkins believes the real financial value behind the deal lies in the “treasure trove” of intellectual property in MGM’s deep catalog that Amazon Studios can “reimagine and develop together with MGM’s talented team.” That means we can expect more reboots, adaptations, and sequels, but what else is new?
This acquisition is a huge deal for the entertainment industry, and only time will tell how the overall deal will evolve in the coming years.
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