Amazon Acquires Hollywood Studio, Metro-Goldwyn-Mayer For $8.45b

…Amazon Prime combined with MGM rages over streaming supremacy.

In pursuit of being the top-notch most-watched streaming program, Amazon takes the lead by acquiring the renowned Hollywood studio, Metro-Goldwyn-Mayer, MGM, for $8.5 billion. Amazon paid more than what the Hollywood studio initially bid for towards the end of 2020 — MGM made itself available for sale.

MGM has reportedly produced blockbusters such as the Rocky’s and James Bond (007)  franchise that fueled the studio’s pace in attaining the most-watched produced movie. Conforming to MGM’s worth, Amazon had to outsmart the likes of Apple and Comcast, enticing the Hollywood studio with a fat cheque.

Overtime, MGM has developed a charming collection of awards, including hundreds of Academy and Emmy Awards. The Hollywood studio has produced over 4,000 movies — this fact bolstered its chance to gain global recognition.

MGM has maintained relevance right from its golden age till date. Aside from the fact that the famous Metro-Goldwyn-Mayer worth a handsome amount of money, its acquisition by Amazon is reportedly the second major deal, the Amazonian has assigned. 

It worth noting that Amazon’s Prime Studios is also renowned as the second streaming program with 175 million active users, base on the global ranking. The combination of these studios is expected to yield the maximum number of streams.

“The real financial value behind this deal is the treasure trove of intellectual property in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team,” according to the senior vice-president of Prime Video and Amazon Studios, Mike Hopkins.

Meanwhile, another sequel of the 59-year-old James Bond franchise, dubbed “No time to die” was supposed to roll out in 2020 — it later got suspended due to the pandemic.

With MGM being acquired by another movie studio suggest the current character starring as 007, Daniel Craig might be replaced since No Time To Die is his last appearance featuring in MGM’s original franchise.

Amazon is expected to duly manage MGM’s affairs since they are willing to use spend their resources to deliver quality content — they spent over $11 billion to produce content in 2020.

Several other movie studios have consolidated to bolster their respective streaming program, including, Netflix, Sony Pictures, Time Warner, AT&T, etc. Sony CEO, Kenichiro Yoshida disclosed his company has no intention of selling their property. Still, the wave of multimedia houses consolidating calls for maximum profit.