Amazon Buying MGM For $8.45 Billion

The deal is the latest in the media industry that's aimed at boosting streaming services to compete against Netflix and Disney+.

Amazon is paying $8.45 billion for MGM, making it the company's second-largest acquisition after it bought grocer Whole Foods for nearly $14 billion in 2017. The deal is the latest in the media industry that's aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced on May 17 that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO. Amazon is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde" and “Shark Tank," with the hopes of filling its video streaming service with more stuff to watch. Buying MGM would give Amazon access to more films, shows and famous characters, including Rocky, RoboCop and Pink Panther. Amazon will also get a cable channel: Epix, which MGM owns.