Amazon buys Metro Goldwyn Mayer historical studios for 6.9 billion euros
- It's the second largest purchase ever made by Amazon -- after buying Whole Foods supermarkets in 2017 for $13.7 billion. The trajectory of MGM studies has mainly focused on the production of television programs.
On March 26, e-commerce giant Amazon purchased the film studio Metro-Goldwyn-Mayer (MGM) for $8.450 million (over €6.900 million).
In a joint statement, both companies stressed that Amazon "will collaborate in the preservation of legacy and film catalog" in the Hollywood studio, as read in the digital journal El Diario.es. The MGM studies have a content archive with more than 4,000 titles from the 1920s. "After this agreement, real financial value is a treasure trove of intellectual property, hidden in the great catalog that we want to reimagine and develop with the talented team of MGM," said Amazon Studios vice-president Mike Hopkins Prime Video in the note.
"With this purchase, Amazon empowers MGM to keep doing what they best know: telling great stories," says the e-commerce giant. After verifying the news, Amazon stocks barely noticed changes on Wall Street.
According to the companies, the centenary of MGM's trajectory "complements the work of Amazon Studios, mainly focused on the production of television shows", confirming its intention to expand in the entertainment sector. The MGM catalog includes classics such as the James Bond and Gone with the Wind franchise in film, but also 17,000 TV series. Among them, The Handmaid's Tale, Fargo or Vikings, and in the band have won 180 Oscar and 100 Emmy.
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