For Amazon, snapping up MGM — which has more than 4,000 movies and 17,000 TV shows in its catalog — is a way to supercharge its Prime Video service with a slew of well-known entertainment titles. In addition, Amazon is anticipating being able to mine Metro-Goldwyn-Mayer properties like the Pink Panther, Rocky and, yes, the 007 franchises for new originals.
"The real financial value behind this deal is the treasure trove of [intellectual property] in the deep catalog that we plan to reimagine and develop together with MGM's talented team," Mike Hopkins, senior VP of Prime Video and Amazon Studios, said in announcing the deal. "It's very exciting and provides so many opportunities for high-quality storytelling."
Hopkins noted that MGM productions collectively have won more than 180 Oscars and 100 Emmys. The studio has roughly 800 employees globally.
The MGM deal is Amazon's second-largest acquisition, behind its $13.7 billion purchase of Whole Foods in 2017. Amazon didn't say when it expects to close the MGM acquisition, which is subject to regulatory approvals and other routine closing conditions; however, insiders believe the pact will be approved by the end of 2021. The purchase price includes the assumption of MGM's debt. MGM will continue to operate as a label under the Amazon brand.
Amazon officially announced a deal to acquire MGM for $8.45 billion, bringing the ecommerce giant a wealth of movie and TV properties.
variety.com