Amazon is buying MGM, the studio behind Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull and Robocop. The online retailer is spending $8,45 billion (R116 billion) to buy MGM Studios.
The retailer owns Amazon Prime and this deal will complement the video streaming company. MGM’s vast library has over 4,000 beloved film titles, including 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons.
MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming.
Amazon said in a statement it will help preserve MGM’s heritage and catalogue of films and provide customers with greater access to these existing works. Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling, it 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,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios.
“It’s very exciting and provides so many opportunities for high-quality storytelling.”
MGM has one of the industry’s most exciting upcoming film slates, including House of Gucci, No Time to Die, Respect, The Addams Family 2, and the untitled Paul Thomas Anderson film
Catalog also includes 17,000 TV shows, including thousands of fan favorites like The Handmaid’s Tale, Fargo, and Vikings.
“The opportunity to align MGM’s storied history with Amazon is an inspiring combination,” said Kevin Ulrich, Chairman of the Board of Directors of MGM.
Completion of this transaction is subject to regulatory approvals and other customary closing conditions.