Amazon said Wednesday that it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbochargi

Amazon to buy MGM Studios for $8.45 billion

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2021-05-26 13:00:02

Amazon said Wednesday that it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions.

The deal is the second-largest acquisition in Amazon's history, behind its $13.7 billion purchase of Whole Foods in 2017.

Amazon said it hopes to leverage MGM's storied filmmaking history and wide-ranging catalog of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.

"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," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. "It's very exciting and provides so many opportunities for high-quality storytelling."

In a statement, MGM Chairman Kevin Ulrich said: "The opportunity to align MGM's storied history with Amazon is an inspiring combination."