Amazon buys Metro Goldwyn Mayer

The transaction amount was $8.45 billion

The American company Amazon has agreed to buy the film studio MGM (Metro Goldwyn Mayer). This is reported in a press release posted on the Amazon website on Wednesday.

The deal, under which the film studio will become part of the company of entrepreneur Jeff Bezos, amounted to $8.45 billion. As indicated in the document, Amazon does not plan to change the concept of MGM, hoping to support their work on the production of films, which in turn will complement the company’s efforts to create programs in the TV format.

According to the press release, Amazon will receive the right to publish on its Prime Video platform films produced by MGM, of which there are more than 4 thousand, as well as television shows, of which MGM has more than 17 thousand. According to Amazon vice president Mike Hopkins, the company plans to “develop and rethink together with the talented team of MGM” this film library, which includes, among other things, the film franchise about “Agent 007 James Bond”.

Amazon, the world’s largest online retailer that sells goods and services over the Internet, was founded by Jeff Bezos in the United States in 1994. From selling books and music records, the corporation gradually moved to sell films, video games, and consumer electronics and was the first in the United States to offer users a paid movie download service with the ability to watch them without an Internet connection.

MGM was founded in 1924 as a result of the merger of three film studios. In the first two decades, it was considered a leader in the Hollywood film industry. The studio has won 205 Academy Awards, including 15 for Best Picture. In 2010, the company declared bankruptcy, but later withdrew from it.

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Author: Oleg Ceban
Graduated from University of Oxford. Previously, he worked in various diferent news media. Currently, it is a columnist of the world news section in the Free News editors.
Function: Editor
Oleg Ceban

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