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Amazon Acquires MGM For $8.45B

In its biggest move yet into the entertainment industry, Amazon is acquiring MGM movie studio for $8.45 billion. The deal is second only to Amazon’s $13.7 billion acquisition of Whole Foods Market in 2017. Amazon says it will help preserve the 97-year-old MGM’s heritage and catalog of films, and provide customers with greater access to the works while bolstering its own film and TV division, Amazon Studios. “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 VP of Prime Video and Amazon Studios.

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