Amazon acquires MGM Studios

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May 27, 2021, 3:26 AM GMT+0

With this acquisition, the ecommerce company would gain greater foothold in the premium streaming services sector.

Amazon has bought MGM Studios for $8.45 billion. The move not only expands Amazon’s content library but also help capture a bigger share of the evolving streaming market.

Since Amazon’s $13.7 billion acquisition of Whole Foods Market in 2017, MGM Studios is its largest acquisition deal. The deal would allow Amazon ownership of MGM Studios’ content which includes over 4000 titles including franchises like James Bond, Rocky and more.

Amazon Studios and Prime Video’s senior VP Mike Hopkins said, “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.” The deal comes at a time where TV streaming is seeing greater consolidation.

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