The company will add more than 4,000 films and 17,000 TV shows through the deal
Amazon signs $8.45bn deal to acquire MGM. (Credit: Amazon.com, Inc.)
Amazon has agreed to acquire Metro-Goldwyn-Mayer Studios (MGM) for $8.45bn to gain access to the latter’s more than 4,000 film titles in a move to bolster its Prime Video offerings.
MGM with 100 years of filmmaking history is expected to complement the work of Amazon Studios, which has focused mainly on the production of TV shows.
Amazon Studios and Prime Video senior vice president Mike Hopkins said: “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.”
Some of the popular movies of MGM include James Bond, The Pink Panther, Tomb Raider, Basic Instinct, Silence of the Lambs, and others.
The California-based entertainment company has also produced 17,000 TV shows, which include Fargo, Vikings, and The Handmaid’s Tale.
MGM’s movies and TV shows have collectively won over 180 Academy Awards and 100 Emmys.
MGM board of directors chairman Kevin Ulrich said: “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.
“The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
The closing of the deal will be contingent on receipt of regulatory approvals and meeting other customary closing conditions.
In another development, Amazon’s another business Amazon Web Services revealed plans to open data centres in the UAE in the first half of next year.
The new AWS Middle East (UAE) Region will feature three availability zones. It will become the second region for AWS in the Middle East after the existing AWS Region in Bahrain.
AWS said that the new region will provide more choice and flexibility to customers for utilising advanced technologies from the cloud services provider.
Currently, the Amazon company has 80 availability zones in 25 geographic regions and has plans to introduce 18 more availability zones and six more AWS Regions.