It is an important acquisition of Amazon because as of today it has a content library that is said to consist of approximately 4.000 movies and 17.000 hours of TV shows.
The acquisition is likely to help Amazon attract even more Prime subscribers, as the Prime Video service rivals Netflix and Disney Plus.
MGM is perhaps the most famous Hollywood studio with the James Bond and Rocky film franchises, and the library contains everything from classic films like 12 Angry Men to modern TV shows The Handmaid's Tale and Vikings. Amazon says the acquisition will "give its customers greater access" to MGM's works and "empower" the studio to continue its "great storytelling."
MGM is currently owned by a team private companies such as Anchorage Capital Group, Highland Capital Management and Solus Alternative Asset Management.
The sale of MGM takes place during a period of Hollywood integration, as companies seek to strengthen their content libraries to compete with Netflix and Disney.