Adedapo Adesanya
By Adedapo Adesanya
Top American Internet-based enterprise, Amazon, has acquired Metro Goldwyn Mayer (MGM) Studios for $8.45 billion as it seeks to strengthen its hold on the film industry, particularly in streaming and distribution.
On Wednesday, the company said in a statement that when the acquisition goes through, it will leverage MGM’s storied filmmaking history and wide-ranging catalogue of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.
In the statement, Amazon said it will help preserve MGM’s heritage and catalogue of films and provide customers with greater access to these existing works. Through this acquisition, Amazon will empower MGM Studios to continue to do what they do best: great storytelling.
Speaking on the deal, Mr Mike Hopkins, senior vice president of Prime Video and Amazon Studios said, “The real financial value behind this deal is the treasure trove of IP in the deep catalogue 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.”
“MGM has a vast catalogue with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid’s Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys,” he said.
On the part of MGM, its Chairman of the Board of Directors of MGM, Mr Kevin Ulrich said, “It has been an honour to have been a part of the incredible transformation of Metro Goldwyn Mayer.
“To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day.
“I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
Business Post reports that the completion of this transaction is subject to regulatory approvals and other customary closing conditions.
The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017.
