Amazon is set to buy MGM (Metro-Goldwyn-Mayer), a Hollywood movie company. An agreement has also been reached for this. The deal is worth 8. 8.45 billion. MGM, a 100-year-old movie company, has given Hollywood many great movies. Movies like Rocky, Pink Panther, James Bond have been created under the MGM banner. Many of these films have won Oscars.
MGM was founded on April 17, 1924, by Marcus Loy and Louise B. May. The 97-year-old MGM company has a library of 4,000 movies and 17,000 hours of TV. MGM Company was available for sale from December 2020.
MGM owns the rights to a number of animated films, as well as broadcasting, screening, and distribution rights to all James Bond films. Also, the new James Bond film ‘No Time to Die’ is ready for release. The release date of this movie has been postponed four times so far. The deal will help Amazon increase the content of its video streaming. Amazon Prime’s direct competition in video streaming services is with companies like Netflix and Disney +. This is Amazon’s second major acquisition. Amazon had previously bought Whole Foods in 2017 for 14 billion.
Mike Hopkins, senior vice president of Amazon Prime Video and Amazon Studios, said MGM has an extensive catalog of more than 4,000 movies. There is a collection of many super hit movies and 17,000 TV shows such as 12 Angry Man, Basic Instant, Creed, James Bond, Ligley Blonde, Moonstruck, Poltergeist, Ragging Bull, Robocop, Rocky, Silence of Lambs, Stargate, Thelma & Lewis. MGM has more than 180 Academy Awards and 100 Emmy Awards.