Yahoo Movies Amazon Officially Closes $8.5 Billion Buy of MGM
On March 17, Amazon finalized its $8.5 billion acquisition of MGM. The deal comes two days after Amazon and MGM received clearance from the European Union’s antitrust regulator, which “unconditionally” approved Amazon’s proposed acquisition of MGM, since “MGM’s content cannot be considered as must-have.”
Additionally, the European Commission, in its antitrust review, found that the overlaps between the Amazon and MGM businesses are “limited.”
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Founded in 1924, MGM will bring more than 4,000 movies and 17,000 TV shows to Amazon, including IPs of James Bond, Pink Panther, and the “Rocky” franchise. Per a press statement, senior VP of Prime Video and Amazon Studios Mike Hopkins announced that 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.”
Highlights from the MGM catalog include “Basic Instinct,” “Legally Blonde,” “Moonstruck,” “Poltergeist,” “Raging Bull,” “The Silence of the Lambs,” “Thelma & Louise,” “Tomb Raider,” and “12 Angry Men.” For TV, the studio produced “Fargo,” “The Handmaid’s Tale,” and “Vikings.”
“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” Hopkins continued. “We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”
Chris Brearton, chief operating officer of MGM, added, “We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family. MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”
In its almost century-long tenure as a famed Hollywood studio, MGM acquired 80 Academy Awards, and 100 Emmy Awards during its reign.
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