Amazon agrees to buy MGM studios for $8.45 bn

AFP , Wednesday 26 May 2021

Amazon
File Photo: The logo of Amazon is seen at the company logistics centre in Boves, France, taken on August 8, 2018. REUTERS

Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast library to further its ambitions in streaming.

The deal bolster's Amazon Prime Video, which competes with Netflix and others in the fast-evolving market, with some 4,000 films, including the James Bond franchise, and 17,000 television shows.

"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," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios.

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