Amazon to Buy MGM for $8.45 Billion

Amazon to Buy MGM for $8.45 Billion

Amazon and MGM May 26 announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion. MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming.

MGM’s vast catalog features more than 4,000 films, including 12 Angry Men, Basic Instinct, Creed, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent SevenThe Pink Panther, The Thomas Crown Affair, the “James Bond” movies, and many others, that have won more than 180 Oscars. The venerable studio’s 17,000 TV shows have produced 100 Emmy wins, including “Fargo,” “The Handmaid’s Tale” and “Vikings,” among others.

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“The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” Mike Hopkins, SVP of Prime Video and Amazon Studios, said in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

Kevin Ulrich, chairman of MGM’s board, said the deal represents a transformation for the fabled studio.

“I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision,” Ulrich said. “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”

Completion of this transaction is subject to regulatory approvals and other customary closing conditions.

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