Amazon to buy film studio MGM for $8.45 billion

Amazon said Wednesday it is buying Metro-Goldwyn-Mayer in a deal valued at $8.45 billion, giving the e-commerce giant access to the famed studio's extensive library of movies and TV shows, including film franchises such as "Rocky" and "James Bond." 

The deal is Amazon's biggest purchase since acquiring grocery chain Whole Foods for $13.7 billion in 2017. It also ups the competition in the rapidly emerging video-streaming landscape, with Amazon taking on Apple, Disney, Hulu, Netflix and other companies.  Buying MGM may give the company founded by Jeff Bezos the boost in premium content it needs to become the No.1 platform in digital streaming. With over 150 million subscribers, Amazon Prime Video ranks second only behind Netflix, which has just over 200 million subscribers.