Amazon Merges With MGM For $8.45 Billion

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Today, Amazon announced (via CNBC) that intends to purchase MGM Studios. The long-tenured movie studio has been up for purchases for several years. Amazon expected to shell out $8.45 billion for the upcoming studio. Which would add all of MGM’s classic film franchises to Amazon’s collection including James Bond and the Rocky films. This marks the second-largest acquisition for Amazon after buying Whole Foods for $13.7 billion in  2017. CEO Jeff Bezos also announced he plans on leaving Amazon in early July.

“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.” said Mike Hopkins VP of Amazon Prime and Amazon Studios.

MGM Chairman Kevin Urlich added: “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.” This will mark yet another mega-merger in Hollywood after Disney aquired 20th Century Fox in 2017 (after aquiring Marvel and Lucasfilm). As well as AT&T going onto aquire Warner Brothers last year.

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