Amazon has reached an agreement to acquire film and television company MGM for $8,45 billion, according to announcements from the two companies.
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 movie franchise, and the library contains everything from classic movies like 12 Angry Men to contemporary TV shows The Handmaid's Tale and Vikings. Amazon says the acquisition will "give its customers more access" to MGM projects and "strengthen" the studio to continue its "great storytelling".
MGM is currently owned by a group of private companies, including 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.
George is still wondering what he is doing here….
