The two studios on Wednesday announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of USD 8.45 billion.
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Amazon announced Wednesday it reached a deal to acquire MGM Studios for $8.45 billion, including debt. MGM is the home to several blockbuster franchises, including James Bond.Why it matters: The deal — Amazon's second-largest acquisition ever, behind the $13.7 billion Whole Foods deal — represents a major milestone in the tech sector's push into entertainment.Get market news worthy of your time with Axios Markets. Subscribe for free.Between the lines: MGM is a logical asset for Amazon to sweep up, given that it's one of the few remaining independent media assets available for purchase, alongside a handful of other studios and networks like Lionsgate and AMC Network. Other tech giants like Apple and Netflix have reportedly eyed MGM, but ultimately passed on buying it. Tech companies have traditionally been hesitant to buy content companies that they could instead build themselves. Amazon has already built its own movie studio, but the addition of MGM could s
Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast library to further its ambitions in streaming.