Amazon buys James Bond owner MGM for 8.45 billion dollars

Amazon.com Inc said that it is buying MGM, the fabled US movie studio home to the James Bond franchise, for 8.45 billion US Dollars. The deal will give Amazon a huge library of films and TV shows and ramp up competition with streaming rivals led by Netflix and Disney.

 

Mike Hopkins, senior vice president of Prime Video and Amazon Studios said that the real financial value behind this deal is the treasure trove of intellectual property in the deep catalog that Amazon plans



to reimagine and develop together with MGM. The acquisition is Amazon’s second-biggest after Whole Foods Market, which it bought for 13.7 billion US Dollars in 2017.

 

Privately-held MGM, or Metro Goldwyn Mayer, was founded in 1924, owns the Epix cable channel and makes popular TV shows including Fargo, Vikings and Shark Tank. MGM also has a massive library of classic films including Rocky, Moonstruck, and The Silence of the Lambs.