Amazon buys ‘James Bond-owner MGM Studio’ for $8.45 billion

In a recent development, the e-commerce giant Amazon reached a deal to buy MGM, the movie and TV studio behind James Bond, The Voice and Shark Tank, in hopes that this century-old Hollywood icon can feed its video streaming service with more stuff to watch. Amazon while marking its boldest move in the entertainment industry has acquired the legendary Metro Goldwyn Mayer (MGM) Studios for $8.45 billion.

The Amazon-MGM deal by the online shopping giant is the second-largest acquisition in Amazon’s history since the company purchased grocer Whole Foods for nearly $14 billion in 2017.

This new acquisition by Amazon is being made in order to make its Prime Video compete with streaming platforms such as Netflix, HBO Max and Disney+. Moreover, with retail rivals like Walmart rolling out more sophisticated online stores, Amazon is working harder to keep its 200 million Prime subscribers loyal towards it.

In the deal with MGM, Amazon will get a library of more than 4,000 films, including franchises such as James Bond and Rocky, and classics such as The Silence of the Lambs, Raging Bull and 12 Angry Men. Apart from this, the acquisition will help Amazon “provide its customers with greater access” to MGM’s works and “empower” the studio to continue its “great storytelling.”

Amazon’s takeover of the MGM Studios clearly emphasises the e-commerce giant’s willingness to spend deeply to remain competitive in the crowded streaming market. Amazon has already landed hit films and shows, including ‘The Marvelous Mrs. Maisel’ and ‘Fleabag’, which even won best comedy series Emmys. But in order to take on the likes of other streaming platforms, Amazon with MGM’s collection is trying to create a mark in the entertainment industry.

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