Amazon.com Inc. agreed to buy the Metro-Goldwyn-Mayer movie company for $8.45 billion (R116.3 billion), a bet that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content.
Amazon.com Inc. agreed to buy the Metro-Goldwyn-Mayer movie company for $8.45 billion, a bet that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content.
The takeover is Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion but follows investments of about $11 billion on content for its streaming video and music services last year alone.
“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, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
Amazon Buys MGM Film Studio for $8 45B themiddlemarket.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themiddlemarket.com Daily Mail and Mail on Sunday newspapers.
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Amazon.com agreed to buy the Metro-Goldwyn-Mayer movie company for $8.45 billion, a bet that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content.
The takeover is Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7bn but follows investments of about $11bn on content for its streaming video and music services last year alone.
“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, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
Kelly Gilblom and Spencer Soper
May 26, 2021 â 11.45pm
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Amazon agreed to buy the Metro-Goldwyn-Mayer movie company for $US8.45 billion ($10.9 billion), a bet that a nearly century-old Hollywood icon can feed an insatiable demand for streaming content.
The takeover is Amazonâs biggest acquisition since it agreed to buy Whole Foods in 2017 for $US13.7 billion but follows investments of about $US11 billion on content for its streaming video and music services last year alone.
âThe 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 MGMâs talented team,â said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. âItâs very exciting and provides so many opportunities for high-quality storytelling.â