Amazon Announces $8.45 Billion Deal With MGM

Yesterday Amazon announced that it made a deal to acquire MGM. The deal valued at $8.45 billion gives Amazon an extensive library of movies and TV shows to add to it’s Prime Video streaming service. According to Mike Hopkins head of Prime Video and Amazon Studios, MGM has a catalog of over 40,000 films and 17,000 TV shows. Hopkins said “The real financial value behind this deal is the treasure trove of intellectual property in the deep catalog that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling.”

Yesterday during the company’s annual shareholder meeting, Amazon CEO Jeff Bezos said the company is ‘really excited’ about MGM. adding “with the talented people at MGM and the talented people at Amazon Studios, we can reimagine and develop that ip for the 21st century.” Both companies say the deal is subject to regulatory approvals and other customary closing conditions. Currently there are more than 200 million paid subscribers to Prime Video. Last week, Discovery and Warner Media also reached a deal.