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In its second-largest acquisition after Whole Foods, Amazon agreed to buy iconic Hollywood studio MGM Holdings for 8.45 billion $.
The move shows the new emphasis placed by the e-commerce giant on entertainment and its budding role in the streaming wars as it bulks up Prime Video. Known for "The Pink Panther, "Rocky" and the James Bond Franchise, MGM was founded in the silent film era.
Amazon was earlier sued on antitrust grounds, and the MGM deal is likely to spark federal review.
Streaming giants are betting Americans will keep spending after the end of pandemic-related shutdowns — and not go back to cable.
"MGM is really the story of Hollywood."
Amazon buying MGM, a classic studio known for The Wizard of Oz and Leo the Lion, is just the latest example of the studio being tossed around in another Hollywood sea change.
It’s Bezos’s second-biggest acquisition ever: Amazon has snatched up film production company Metro-Goldwyn-Mayer (MGM) for around 8.5 billion US dollars. As the chart at only the takeover of the organic supermarket chain Whole Foods in 2017 was more expensive for Amazon.
Yet, the investment in MGM could pay off. The film studio with the roaring lion in its logo not only offers the possibility of producing new movies but also holds the rights to over 4,000 existing films.
The portfolio includes the James Bond and Rocky Balboa franchises as well as the critically acclaimed series The Handmaid’s Tale.
The acquisition will therefore significantly expand Amazon's streaming service Prime Video both quantitatively and qualitatively, once more heightening the already cut-throat competition among streaming providers.
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