Amazon has officially purchased MGM for $8.45 billion, the online retail giant announced on Wednesday, following reports about the sale.
“Amazon will help preserve MGM’s heritage and catalog of films, and provide customers with greater access to these existing works,” the company said in a release. “Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling.”
MGM’s catalog includes more than 4,000 movies covering a number of gigantic franchises outside of James Bond, including the video game movie rights for Tomb Raider. Some of MGM’s other film franchises include Robocop, Rocky, Silence of the Lambs, The Pink Panther, Thelma & Louise, Legally Blonde, and Poltergeist.
In terms of TV properties, MGM controls 17,000 shows–including The Handmaid’s Tale, Fargo, and Vikings.
“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,” Amazon Studios boss Mike Hopkins said.
“It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day,” MGM’s chairman Kevin Ulrich added. “I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
