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| Amazon buys MGM Studios. |
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The world's largest online retailer and media conglomerate has bought the longtime movie and television company. The company Metro-Goldwyn-Mayer Studios commonly known as MGM Studios is being bought by Amazon.
The studio's subsidiaries include Orion Pictures, American International Pictures, United Artists and United Artists Recordings.
The sale is still pending but it's likely to merge into Amazon Studios which could make an huge impact on program content. So mainly, Amazon will have the rights to streaming your favorite movies, television shows and music.
Amazon owns The Washington Post, Whole Foods, Audible, IMDb, Ring and Twitch Interactive as well as numerous other subsidiaries.
The deal is worth $8.45 billion. This is considered on of the most ambitious moves for the company.
Once finalized, Amazon Studios will have leverage over MGM catalogs of films, television shows and radio programs. It will make Amazon Studios a huge competitor in making movies in the coming years.
"The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM's talented team," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios. "It's very exciting and provides so many opportunities for high-quality storytelling."
MGM's chairman Kevin Ulrich released a statement saying that the deal will help grow the entertainment industry.
"The opportunity to align MGM's storied history with Amazon is an inspiring combination."
Amazon is already in a fight for top streaming rights. Netflix, Hulu, Apple TV, Google TV, Disney+. YouTube TV, Facebook Watch, Paramount Plus, Peacock, Tubi, HBO Max and Showtime Plus are growing in the business of streaming programs and new content.
Amazon has already won praise for content. In the 2017 Academy Awards, "The Big Sick" and "Manchester By The Sea" have won the award for best original screen play.
It also gets the entire catalog of the James Bond franchise. So when they release "No Time To Die," Amazon will get first rights to stream before movie premiere.
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