Amazon to buy movie studio MGM for USD 8.45 billion as streaming war heats up

Amazon has announced its decision to procure US movie studio Metro Goldwyn Mayer (MGM) for USD 8.45 billion. The studio is home to the James Bond franchise, along with popular TV shows such as Shark Tank.

Amazon.com Inc (AMZN.O) said on Wednesday it is buying MGM, the fabled U.S. movie studio home to the James Bond franchise, for $8.45 billion, giving it a huge library of films and TV shows and ramping up competition with streaming rivals led by Netflix and Disney+. Privately-held MGM, or Metro Goldwyn Mayer, was founded in 1924, owns the Epix cable channel and makes popular TV shows including "Fargo", "Vikings" and "Shark Tank." "The real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM's talented team. It's very exciting and provides so many opportunities for high-quality storytelling," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios.