Amazon buys Hollywood studio MGM for $8.45B

May 26, 2021 8:44 AM, Inc. (AMZN), MGMBDIS, NFLX, AMZN, WBD, MGMB, PARA, PARAABy: Brandy Betz, SA News Editor191 Comments
  • Amazon (NASDAQ:AMZN) has reached a deal to acquire MGM (OTC:MGMB) for $8.45B.
  • The deal, which will bolster Amazon's Prime Video offerings, is the second largest in the tech giant's history, and shows Amazon continuing to pay up for content in the streaming wars. Interested players include: Netflix (NASDAQ:NFLX), Discovery (NASDAQ:DISCA), Disney (NYSE:DIS), ViacomCBS (VIAC, VIACA).
  • “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,” says Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios. “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. It’s very exciting and provides so many opportunities for high-quality storytelling.”
  • Earlier this week, the Wall Street Journal reported the companies were nearing a $9B deal.

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