Another Hollywood mega merger is shaking up the world of pop culture, in a deal where the rich get richer. James Bond finds a new home and a historic Hollywood studio becomes the property of Jeff Bezos. Amazon is purchasing MGM and its entire library. It’s a move that will add more than 4,000 films and 17,000 shows to the streaming service’s catalogue.
The rumored deal between Amazon and MGM is now official (in news we first heard at Variety). The companies announced they “have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion.” Sounds like a lot of money. But not for Amazon.
The company is getting a lot for its money. It is acquiring Metro-Goldwyn-Mayer’s collection of over 4,000 movies. In addition to the James Bond franchise, that includes famous films like 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, and The Thomas Crown Affair. As well as upcoming MGM films like House of Gucci, No Time to Die, and The Addams Family 2. Not to mention a whopping 17,000 TV 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,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”
The deal is not technically done just yet, though. It is “subject to regulatory approvals and other customary closing conditions.” But the only thing more shocking than an iconic Hollywood studio being bought by one of the richest people alive would be the deal falling through at this point.
“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,” said Kevin Ulrich, Chairman of the Board of Directors of MGM, in a press release. “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.”
Hopefully Silicon Valley takes good care of an important part of Tinseltown’s history.