Amazon buys Hollywood studio MGM in $(*18*).45bn deal
(*(*17*)*)Amazon has purchased MGM, the Hollywood studio in the back of the (*4*)James Bond and Rocky franchises, for almost $(*18*).5bn because the fight for international streaming supremacy reaches new heights.
(*(*17*)*)The dimensions of the deal a long way exceeds the $5bn (£3.5bn) ticket steered when the studio put itself up on the market in December, because the struggle to safe must-watch programming fuels fierce bidding wars for house owners of an increasing number of scarce “crown jewel” content material.
(*(*17*)*)MGM used to be additionally courted by way of Apple and the Sky proprietor, Comcast. Then again, each in the long run balked on the dimension of the cheque (*3*)Amazon used to be prepared to write down.
(*(*17*)*)The well-known studio has a library of 4,000 movie titles and 17,000 hours of TV programming – starting from Long gone with the Wind and The Hobbit to TV hits corresponding to The Handmaid’s Story – that has jointly gained greater than 180 Academy Awards and 100 Emmy Awards.
(*(*17*)*)Based in 1924, MGM (at the beginning referred to as Metro-Goldwyn-Mayer) recorded massive good fortune all the way through the golden age of Hollywood with movies starting from The Wizard of Oz. and Ben Hur to Raging Bull, Elementary Intuition and The Silence of the Lambs. It has modified palms regularly and former house owners have incorporated the beverages mogul Edgar Bronfman, the Las Vegas on line casino billionaire Kirk Kerkorian and CNN’s founder, Ted Turner.
(*(*17*)*)It’s the second-largest takeover deal ever struck by way of Amazon, the arena’s second-largest streaming carrier, with 175 million international customers. In 2021 it paid $13.7bn for the upmarket US grocer Entire Meals.
(*(*17*)*)“The actual monetary price in the back of this deal is the treasure trove of highbrow assets within the deep catalogue that we plan to reimagine and expand along side MGM’s gifted staff,” stated Mike Hopkins, the senior vice-president of High Video and Amazon Studios.