| 24 June 2021, Thursday |

Amazon buys Hollywood studio MGM for $8.45bn

Amazon has agreed to buy the MGM studios, one of Hollywood’s most famous studios, having produced classic films such as Some Like It Hot and Singin’ In The Rain, for $8.45 billion.

The sale will give the tech giant’s Prime streaming service access to a huge back catalogue of content.

“It’s very exciting and provides so many opportunities for high-quality storytelling,” an Amazon executive said on Wednesday.

Mike Hopkins, senior vice president of Prime Video and Amazon Studios, added: “The real financial value behind this deal is the treasure trove of Intellectual Property in the deep catalogue that we plan to re-imagine and develop together with MGM’s talented team.”

The deal will boost Amazon Prime Video’s offering with about 4,000 films, including the James Bond franchise and Legally Blonde, as well as 17,000 television shows such as the Handmaid’s Tale TV series.

MGM Holdings, the parent company of MGM Studios, had reportedly been exploring a sale since 2020.

Amazon said in a statement that the deal would allow MGM, founded in 1924 and recognized by its roaring Leo the Lion logo, “to continue to do what they do best: great storytelling.”