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Amazon buys legendary movie studio MGM

Amazon buys legendary movie studio MGM

The US e-commerce group Amazon announced that it has reached an agreement to buy the legendary movie studio MGM studios for $ 8.45 billion.

With this contract, the US technology giant has been energized for its ambition to expand its operations into the field of streaming (streaming).
MGM owns about 4,000 movies, including the hit James Bond series, and about 17,000 TV shows.

Therefore, the purchase of MGM will give Amazonadded a wide selection of TV and movie content to its Prime Video service, to compete with rival Netflix and other streaming services.

Prime Video and Amazon Studios Vice President Mike Hopkins affirmed that the real financial value of this deal is the treasure trove of intellectual property (IP) rights with a wide range of film and television productions that Amazon intends to bring. remanufactured and developed with the talented MGM team.

The two sides reached an agreement in the context that Amazon, after its successes in the fields of online retail and cloud computing, continues to encroach into the field of online entertainment services when it realizes that customers are increasingly preferring this type of business. this.
MGM was founded in 1924, once an iconic name in Hollywood, with nearly a century of filmmaking. However, in recent years the company has also fallen into bankruptcy and constantly changed owners. In particular, when the COVID-19 pandemic broke out, the company did not release a movie product for the whole of 2020.
In the joint announcement made after the two sides reached an agreement, MGM affirmed its rich production experience. Its production will complement work at Amazon Studios, which is focused on producing TV shows.

Meanwhile, Amazon affirmed that it will preserve MGM’s legacy and will continue to support MGM to maintain its position as the leading film studio in the US.

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