As expected, Amazon has acquired MGM in a deal worth $8.45 billion.
The tech giant announced it has entered a “definitive merger agreement” under which Amazon will acquire MGM.
“The real financial value behind this deal is the treasure trove of IP in the deep catalogue 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,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios.
MGM’s library includes over 4,000 films, including the James Bond franchise, and 17,000 TV shows.
“I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision,” said Kevin Ulrich, chairman of the board of directors of MGM. “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
The deal was first mooted a couple of weeks ago, with the deal expected to cost Amazon between $7-10 billion.
The deal is still subject to regulatory approvals.