The storied MGM studios have agreed to be purchased by Amazon for $8.45 billion, the firms announced Wednesday, giving the US internet giant a large library to bolster its streaming ambitions.
With almost 4,000 films — including the James Bond films — and 17,000 television episodes, Amazon Prime Video competes with Netflix and others in the fast-evolving sector.
“The true financial value of this transaction is the treasure mine of IP in the deep archive that we want to reimagine and develop with MGM’s outstanding team,” said Mike Hopkins, senior vice president of Amazon Studios and Prime Video.
The deal comes as Amazon experiences rapid expansion in online retail and cloud computing, as well as a push into entertainment as consumers increasingly flock to streaming video.
