Amazon to acquire MGM for US$ 8.45 billion
MGM's 4,000 films and 17,000 TV shows to be made available to Amazon users
May 26, 2021 02:26:00 PM | Article | Campaign India Team Share -
Image by Ray Miller from Pixabay
Amazon and MGM have entered a definitive merger agreement under which the former acquires the latter for US$8.45 billion.
Amazon said it will help preserve MGM’s heritage and catalogue of films, and provide customers with access to these existing works. Amazon is looking to empower MGM to continue with storytelling while it enhances Amazon Studios' offerings.
Mike Hopkins, senior vice president, Prime Video and Amazon Studios, said, “MGM has a vast catalog with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid’s Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys. 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.”
Kevin Ulrich, chairman of the board of directors of MGM, added, “It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the board, I would like to thank the MGM team who have helped us arrive at this historic day. I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
Completion of this transaction is subject to regulatory approvals and other customary closing conditions.