Tech giant Amazon has closed its $8.5 billion deal to acquire MGM.
MGM, the home of the Bond franchise and one of the most iconic movie studios in Hollywood history has been sold to Amazon, CNN reports.
The move looks to bolster the company’s position in the entertainment world while giving its streaming service, Amazon Prime Video, even more content to fill its already extensive library. This should help Amazon challenge rivals such as Netflix and Disney+ in the hyper-competitive streaming market.
The deal brings MGM and its more than 4,000 films and 17,000 TV shows under the Amazon umbrella. None of which is bigger than the James Bond franchise, which has racked up billions of dollars over the past 60 years. The suave British spy’s latest film, ‘No Time to Die,’ has earned more than $770 million globally since its October release.
“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,” Mike Hopkins, SVP of Prime Video and Amazon Studios, said in a statement.
MGM also houses other notable franchises, including ‘Rocky,’ ‘The Handmaid’s Tale,’ ‘RoboCop,’ ‘Legally Blonde’ and Epix TV network.
