Amazon found Deal To acquire MGM film and television company for $ 8.45 billion.
This means that it has a content library that is said to consist of about 4,000 films and 17,000 hours of television.
The acquisition is likely to help Amazon attract more Prime subscribers. Prime Video competes with the likes of Netflix and Disney Plus.
MGM is perhaps best known for being the Hollywood studio behind the James Bond and Rocky franchises, but its library has an entire gamut from classic movies, like 12 Angry Men, to modern TV shows.
The acquisition provides customers with greater access to MGM’s business and enables the studio to continue telling great stories, Amazon says.
“The real financial value behind this deal is the intellectual property on the list that we plan to reimagine and develop with the MGM team,” Amazon added.
Amazon Media Empire:
Amazon’s media business makes up a relatively small part of its overall empire but it spends billions on content every year.
There are currently more than 200 million people worldwide who subscribe to Amazon Prime. As a result A large portion of Prime subscribers benefit from the included free Prime Video streaming.
And theLast year more than 175 million videos were broadcast Adding thousands of movies and TV shows can be beneficial to both parties.
Reports emerged of the possible acquisition of MGM for the first time by Amazon in mid-May. Variety reported information about the deal.
Likewise, the Wall Street Journal reported on May 24 that Amazon was close to closing a deal to purchase MGM.
Meanwhile, MGM is currently owned by a group of private companies.
Reports that MGM were on sale appeared last December.
The MGM sale comes during a period of consolidation in Hollywood as companies try to boost content libraries to compete with Netflix and Disney.
AT&T recently founded its media company, WarnerMedia, to merge with the television company Discovery, and as a result, the world’s second largest media company by revenue outside of Disney emerged.
Both companies have their own streaming services (HBO Max and Discovery Plus) thus increasing the potential for their merging into a single service.