Amazon buys MGM for $8.45 billion

Source: The Verge

“Amazon has reached a deal to acquire the film and TV company MGM for $8.45 billion, the companies announced today. It’s a significant acquisition for the e-commerce giant, and it means it will own a library of content that’s reported to consist of around 4,000 films and 17,000 hours of TV. The acquisition is likely to help Amazon attract even more big-spending Prime subscribers as its Prime Video service competes with the likes of Netflix and Disney Plus. … The sale of MGM comes during a period of Hollywood consolidation, as companies attempt to beef up their content libraries to compete with Netflix and Disney. AT&T recently spun out its media business WarnerMedia to merge it with TV company Discovery, creating the world’s second largest media firm by revenue outside of Disney.” (05/26/21)