May 27, 2021
Jeff Bezos has a new pet lion, Fast Company reports.
Amazon has reached a deal to acquire the storied MGM Studios for $8.45 billion—a move that will significantly bulk up its content library and entertainment intellectual property (IP) in the escalating war between premium streaming services, reports Fast Company.
In a joint announcement on Wednesday, May 26, the companies said MGM’s arsenal of more than 4,000 titles—including franchises ranging from James Bond and The Pink Panther to the Rocky and Poltergeist movies—will complement the Seattle e-commerce giant’s existing Amazon Studios, which is largely focused on TV series.
For Amazon, the acquisition is the largest since it scooped up Whole Foods Market for $13.7 billion in 2017, Fast Company says. It comes as competing firms such as Disney and Netflix are spending more and more each year to keep their streaming services replenished with fresh movies, TV series, and familiar franchises.
“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,”
Research contact: @FastCompany