Amazon on Thursday announced that it has closed its $8.45 billion deal to acquire Hollywood studio MGM. With this, MGM has joined Prime Video and Amazon Studios. The deal has been closed in less than a year after the companies had first signed off on it.
Amazon and MGM in May 2021 had announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion
“The storied, nearly century-old studio — with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards — will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers,” Amazon said on Thursday.
‘Iconic brand’
MGM’s library of content includes movies such as the James Bond franchise, Creed, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther and The Thomas Crown Affair, among others, as well as 17,000 TV shows — including Fargo, The Handmaid’s Tale and Vikings.
“MGM has a nearly century-long legacy of producing exceptional entertainment and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” said Mike Hopkins, senior Vice President of Prime Video and Amazon Studios.
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers,” added Hopkins.
“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” said Chris Brearton, chief operating officer of MGM.
“MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come,” Brearton added.
Anti-trust orgs
The European Commission had approved the deal unconditionally earlier this month, concluding that the transaction would raise “no competition concerns in the European Economic Area (‘EEA’).”
There has been no public response from the Federal Trade Commission on whether it would challenge the deal or not, as per the Verge.