Amazon Buys MGM For $8.5bn
Significant development in the streaming war, as Amazon purchases veteran film studio MGM for $8.45 billion
Amazon is taking the fight to streaming giant Netflix with the news that it is purchasing veteran film studio MGM.
Amazon announced that it had “entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion.”
The move is significant for the video streaming market, which has enjoyed strong growth during the lockdowns caused by the global Coronavirus pandemic.
With the purchase of Metro Goldwyn Mayer, Amazon is gaining access to all its films gaining during a century of film making.
Indeed, MGM is said to have over 4,000 film titles including the James Bond franchise, but other notable titles including 12 Angry Men, Basic Instinct, Creed, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of…