advertisement
advertisement

Amazon just bought MGM Studios for $8.45 billion.

James Bond, meet Jeff Bezos.

Amazon just bought MGM Studios for $8.45 billion.
Daniel Craig as James Bond (left) and Ana de Armas as Paloma (right) in No Time To Die. [Photo: Nicola Dove/MGM]
advertisement
advertisement
advertisement

Jeff Bezos has a new pet lion.

advertisement

Amazon.com Inc. has reached a deal to acquire the storied MGM Studios for $8.45 billion, a move that will significantly bulk up its content library and entertainment IP in the escalating war between premium streaming services. In a joint announcement Wednesday, the companies said MGM’s arsenal of more than 4,000 titles—including franchises ranging from James Bond and The Pink Panther to the Rocky and Poltergeist movies—will complement the Seattle e-commerce giant’s existing Amazon Studios, which is largely focused on TV series.

For Amazon, the acquisition is the largest since it scooped up Whole Foods Market for $13.7 billion in 2017. It comes as competing firms such as Disney and Netflix are spending more and more billions each year to keep their streaming services replenished with fresh movies, TV series, and familiar franchises.

The content arms race in TV streaming is forcing ever-more consolidation, most recently with the merger between Discovery and WarnerMedia, announced last week. MGM, or Metro-Goldwyn-Mayer, has a lineage that dates back to the silent era, but it declined in prominence in the decades following Hollywood’s Golden Age. Since emerging from bankruptcy in 2010, the company had undergone numerous partnership announcements and management changes before reportedly exploring a sale in 2020.

advertisement
advertisement

“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,” Mike Hopkins, senior VP of Prime Video and Amazon Studios, said in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

Amazon shares were up 0.41% to $3,272.08 in early-morning trading.

About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

More