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May 26, 2021 02:41 pm

Amazon Buys MGM, Studio Behind James Bond, for $8.45 Billion

James Bond has a new home: Amazon and MGM announced a definitive merger agreement under which Amazon will acquire MGM for $8.45 billion. From a report: MGM, founded in 1924, complements Amazon Studios, which has primarily focused on producing TV programming, the companies said. Amazon will help "preserve MGM's heritage and catalog of films," and provide customers with greater access to these existing works, the companies said. For Amazon, snapping up MGM -- which has more than 4,000 movies and 17,000 TV shows in its catalog -- is a way to supercharge its Prime Video service with a slew of well-known entertainment properties. In addition, Amazon is anticipating being able to tap into Metro-Goldwyn-Mayer properties like the Pink Panther, Rocky, and, yes, the 007 franchises for new originals. "The real financial value behind this deal is the treasure trove of [intellectual property] in the deep catalog that we plan to reimagine and develop together with MGM's talented team," Mike Hopkins, senior VP of Prime Video and Amazon Studios, said in announcing the deal. "It's very exciting and provides so many opportunities for high-quality storytelling." Hopkins noted that MGM productions collectively have won more than 180 Oscars and 100 Emmys. The studio has roughly 800 employees globally.

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