Amazon has officially announced a deal to buy MGM, the venerable studio responsible for the James Bond film franchise, for $8.45bn (roughly £6bn).
As part of the merger, Amazon Studios will acquire the studio’s catalogue of more than 4,000 films and 17,000 TV series.
It’s the second largest acquisition in Amazon’s history, after it bought Whole Foods for almost $14bn back in 2017.
Alongside the Bond franchise, other properties in MGM’s back catalogue include Rocky, RoboCop, Shark Tank and Singin’ in the Rain.
The deal is subject to checks and approvals, but this is the first official confirmation that the merger is set to take place, after Variety reported last week that the companies were in talks.
In October, a report by the US’s House Judiciary Committee called for a breakup of Amazon and other large corporations, imposing new rules to safeguard competition and making it more difficult to acquire new businesses.
Back in December 2020, Variety claimed that MGM was said to be exploring a sale. The studio’s extensive catalogue was cited at the time as a possible point of interest for companies looking to expand their streaming libraries.
Amazon are currently one of the major forces in the streaming market, producing original films and TV series, and streaming live sporting events including tennis and Premier League football.
Register for free to continue reading
Registration is a free and easy way to support our truly independent journalism
By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists
Already have an account? sign in