It’s been speculated for quite some time, but now it’s official – Amazon is set to buy the famed film studio, Metro Goldwyn Mayer (MGM) for $8.45 Billion. MGM is a big purchase by Amazon, and it will give the company a major weapon in its arsenal for fighting in the on-going streaming wars.
Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, said ‘‘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. It’s very exciting and provides so many opportunities for high-quality storytelling.”
The studio has a huge library of films – over 4,000 – including Gone With the Wind and The Wizard of Oz, 12 Angry Men, the James Bond franchise, Poltergeist, Raging Bull, Robocop, the Rocky franchise (including Creed), Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther and The Thomas Crown Affair. It also owns a vast array of TV, with 17,000 shows, including recent hits like The Handmaid’s Tale, Fargo, and Vikings
Metro Goldwyn Mayer was formed in April 1924 when Metro Pictures Corp., Goldwyn Pictures and Louis B. Mayer Productions.
This is a new shake-up for the film industry and yet another indicator that watching films at home is going to continue in a big, big way. The sale will not impact any MGM films slated for release in 2021 – which means that No Time To Die‘s release plan remains unchanged. However, expect more MGM movies to make their debut online in the future.
Completion of the sale however is subject to regulatory approvals and other customary closing conditions.