Why You Can Trust CNET Amazon Closes $8.45B Deal for Movie Studio MGM
The Hollywood studio could give Prime Video a boost and amp up Amazon's original production arm.
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Amazon on Thursday said it had closed its $8.45 billion acquisition of MGM. The deal, which was first announced in May, could give Prime Video a boost and amp up Amazon's original production arm, Amazon Studios.
"We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a blog post.
MGM has a catalog of more than 4,000 film titles, including in popular franchises like James Bond and Rocky. Along with thousands of TV episodes and the potential for spinoffs, reboots and more, Amazon said Thursday, MGM will complement its work in "delivering a diverse offering of entertainment choices to customers."
The deal closed after a regulatory waiting period and signoff earlier this week by the European Union's antitrust regulator. The deal is Amazon's biggest since its $13.7 billion acquisition of Whole Foods in 2017.