Monday, May 31, 2021, 15:36 Economy

Amazon Buys MGM For 8.5 Billion US$ – James Bond & More Change Ownership

Rumours from the last few weeks have now been confirmed and business is wrapped up. Amazon is going to take over Metro Goldwyn Mayer after an almost 8.5 billion US$ purchase. This marks the change of ownership of 4,000 movies and an expansive library of TV broadcasts. The lion emblazoned company founded just 3 years shy of 100 years ago, will continue to produce films under the supervision of Amazon.

MGM Will Continue To Create "Great Stories"
Amazon's acquisition of the Hollywood studio was mutually consensual, as revealed by both companies in a press release. For Amazon, this move is the largest acquisition in the entertainment center in the company's 26 year history. The online retailer plans to use MGM to help expand it's own Amazon Studios – a division of Amazon primarily concerned with the production of new series for the Amazon Prime streaming service. According to the announcement, Metro Goldwyn Mayer should also create "great stories" for Amazon.

The MGM Archive: A True Jewel
Amazon sees MGM's worth mostly in terms of the number of films that the company possesses the rights to (see here). Among other big name films owned by MGM are the James Bond films,Rocky films, and classics such as "Basic Instinct", "Thelma & Louise", and "The Pink Panther". In addition, Amazon has also gained access to series such as Fargo and Vikings. The purchase also means that Amazon now has the rights to upcoming films being produced by MGM, such as James Bond film "No Time to Die" with Daniel Craig or "House of Gucci". Films made by MGM have cumulatively earned over 180 Oscars and 100 Emmy awards.



Effects For Apple TV+ & Netflix Unknown
The effects of the acquisition on the current streaming market and thus Apple TV+ are not known at the time. It's obviously likely that the retail giant plans to add the vast majority of the films and series from MGM's archive to Amazon Prime Video. It's currently unknown whether content will disappear from other streaming services like Netflix in the long run. Amazon hasn't currently yet released a statement concerning content on other platforms. According to reports, however, Apple was also interested in acquiring MGM several years ago in order to bolster the Apple TV+ offer. However, negotiations fell through, allowing Amazon to purchase the company.

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