Bbabo NET

Science & Technology News

Amazon buys Metro-Goldwyn-Mayer film studio

On March 17, Amazon closed the deal to buy the Metro-Goldwyn-Mayer (MGM) film studio for $8.45 billion. The intention to buy the studio became known in May 2021. The deal was reviewed by the European Antimonopoly Commission, which ruled that the business of Amazon and MGM intersect "limitedly", so you can give the purchase a green light. This is the second largest deal in Amazon's history, following its purchase of Whole Foods in 2017 for $13.7 billion.

Metro-Goldwyn-Mayer is a film studio founded in 1924 by the owner of a large chain of cinemas, Markus Lov. Love orchestrated the merger of three filmmakers: Metro Pictures, Goldwyn Pictures, and Louis B. Mayer Pictures. The studio has over 4,000 films, 17,000 television series, 180 Oscars and 100 Emmys. MGM owns the rights to franchises such as James Bond (with Eon Productions), Rocky and RoboCop. The company's global hits include 2001: A Space Odyssey, films about Ben Hur, Gone with the Wind, Singing in the Rain, and more.

In its acquisition announcement, Amazon promised to "preserve MGM's legacy and the studio's film catalog" as well as provide viewers with easy access to its film library.

Other companies also wanted to buy MGM, but for a smaller amount - about $ 5-6 billion. The increase in value was due to the rights to James Bond, which are owned not only by MGM, but also by Eon Productions. If Amazon is going to make new Bond films, it will have to coordinate with the co-owner marketing, distribution and release of pictures on Amazon Prime.

Amazon buys Metro-Goldwyn-Mayer film studio