Breaking news in the entertainment industry as Business Wire is reporting Amazon will be purchasing MGM Studios:
MGM today announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion. MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming. Amazon will help preserve MGM’s heritage and catalog of films, and provide customers with greater access to these existing works. Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling.
Anyone who has been watching their favorite shows and films on streaming services know that the proliferation of streaming services killed the days when you could watch just about anything on Netflix. Content is in more demand than ever as brands like Hulu, Disney, Amazon, and others try to buy up as much programming as they can. Thus Amazon’s reasoning behind the buy is not a surprise. CNBC reports:
“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,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
Amazon’s pending purchase of MGM Studios means that it will have officially bought up everything there is to buy, quite an accomplishment for the business that began selling books.
Editor’s Note: My sources indicate Amazon has not purchased Pro Sports Extra but the site may be available for the right price due to its treasure trove of content.