It's official. Amazon is acquiring MGM. The deal, said to be worth a reported $8.45 billion, was announced this morning.
"MGM has a vast catalog 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. 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.
"It has been an honor 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," said Kevin Ulrich, Chairman of the Board of Directors of MGM. "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."
Not too many details have been released about the deal, including how the leadership structure of the merger will be handled.
"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," said the company.
