Reports back in January 2020 said that both Apple and Netflix were circling the acquisition of MGM. Now it emerged earlier this month that Amazon had entered talks to buy the studio.
It looks like a deal has been officially cinched. Amazon and MGM have entered a merger agreement with Amazon acquiring the movie studio for $8.45 billion.
MGM (or Metro-Goldwyn-Mayer) was one of the "big five" back in the "Golden Age" of cinema in Hollywood.
As such it has almost a century of filmmaking history.
Its movie library will be a major boost to Amazon. Such properties as 'James Bond', 'Rocky-Creed', and 'Robocop', now belong to the streamer.
Additionally, film titles in the deal span the likes of 'Legally Blonde', 'Thelma & Louise', 'Basic Instinct', 'Poltergeist', 'Silence of the Lambs', 'Tomb Raider', 'Raging Bull', and many more.
Their movie catalogue numbers 4000 films in all as well as 17,000 TV shows.
MGM is the studio behind such series as 'Fargo', 'The Handmaid's Tale' and 'Vikings'.
Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios said in a statement: "The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team."
It's another massive step forward in the ever competitive and crowded streaming market. Just recently, AT&T merged WarnerMedia with Discovery to form its own major player.
MGM shares the rights to the 007 franchise with Eon, which will continue to have a large amount of control over its marketing, casting and distribution.