Entertainment

Amazon Acquires MGM Movie Studio in $8.5 Billion Deal

Amazon Acquires MGM Movie Studio for $8.5 Billion

  • Amazon has announced the acquisition of popular Hollywood movie studio, Metro Goldwyn Mayer for $8.5 billion
  • The purchase was confirmed on Thursday when Amazon revealed that it had provided all the information requested by the Federal Trade Commission
  • Amazon has divulged that it would welcome all current MGM movie studio employees and there will be no layoffs

Amazon Inc announced on Thursday that it had completed the acquisition of Hollywood movie studio, MGM for $8.5 billion. The online retailing giant plans to draw customers through video streaming, from the famous movie maker.

MGM movie studio

In a statement that was released by the company, Amazon said that it would welcome all the current MGM movie studio employees to the new leadership and there will be no layoffs.

The acquisition was completed after Amazon disclosed that it had provided all the information required by the Federal Trade Commission had a deadline had passed for the deal to be challenged.

The transaction had first been announced in May 2021 when MGM offered a trove of content to draw consumers to Amazon’s streaming platform, Prime.

Read also: Barcelona’s Iconic Stadium Renamed as Club Inks $310 Million Deal

According to Amazon’s statement, MGM’s staff will join the organization of Mike Hopkins, senior vice president of Prime Video.

With the acquisition, MGM will bolster Prime’s video offering with more than 4,000 movies. Some of the studio’s most popular releases are “Rocky” and the “James Bond” series.

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