Amazon acquires movie giant MGM for $8.45B
By IANS |
Published on
Wed, May 26 2021 19:42 IST |
0 Views
Amazon. (File Photo: IANS). Image Source: IANS News
San Francisco, May 26 : Amazon on Wednesday announced to acquire movie giant MGM for $8.45 billion, at a time when the world s largest telecommunication company AT&T has announced to merge WarnerMedia with Discovery to create a new media giant that will compete with leading streaming players like Netflix.
Metro Goldwyn Mayer s or MGM which has a century of filmmaking history, has a vast library of over 4,000 film titles, including 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 others.
Amazon buys MGM in USD 8.45 billion deal ANI | Updated: May 26, 2021 20:38 IST
Washington [US], May 26 (ANI): The movie studio home to the James Bond franchise, entertainment company Metro Goldwyn Mayer (MGM) and Amazon on Wednesday announced a definitive merger agreement under which Amazon will acquire MGM for USD 8.45 billion.
Originated in 1924, MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming, the companies said.
Amazon will help preserve MGM s heritage and catalogue of films and provide customers with greater access to these existing works, stated the companies.
Mandel Ngan; Carlos Barria-Pool/Getty Images
26 May 2021
Sen. Josh Hawley (R-MO) fired a verbal warning shot on Wednesday morning following the news of Amazon’s deal to purchase entertainment company MGM, pointing to Amazon’s status as a “monopoly platform” that already “owns e-commerce, shipping, groceries & the cloud.”
“This sale should not go through. @amazon is already a monopoly platform that owns e-commerce, shipping, groceries & the cloud. They shouldn’t be permitted to buy anything else. Period,” the Missouri Republican said.
This sale should not go through. @amazon is already a monopoly platform that owns e-commerce, shipping, groceries & the cloud. They shouldn’t be permitted to buy anything else. Period. https://t.co/YyOdQ6iWPQ
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 th
Amazon and MGM announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion. MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming. Amazon will help preserve MGM's heritage and catalog of films and provide customers with greater access to these existing works. Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling.