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Amazon said Wednesday it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions.
The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017.
Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.
“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.”
In a statement, MGM Chairman Kevin Ulrich said: “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
Shares of Amazon barely moved on the announcement.
Amazon has a seasoned representative in Hollywood. The company announced last week that it would bring back Jeff Blackburn, formerly a top lieutenant to Bezos, to oversee a new Global Media & Entertainment division, which consolidates its entertainment offerings under one heading, including Prime Video, Amazon Studios, its music and podcasting businesses, Amazon Games and Twitch.
MGM will make Amazon’s TV and film library even more robust. The Hollywood studio owns the James Bond catalog and has made several hit shows including “The Handmaid’s Tale” and “Fargo.” It also owns premium cable network Epix and owns several popular reality TV shows, including “Shark Tank,” “Survivor” and “The Real Housewives.”
MGM, which is a private company, has been seeking a buyer for several years. Its owners include Anchorage Capital, Highland Capital Partners, Davidson, Kempner Capital Management, Solus Alternative Asset Management and Owl Creek Investments — funds that took control of the studio when it emerged from bankruptcy in 2010.
The MGM deal could heighten antitrust concerns for Amazon. The company faces ongoing probes by multiple federal agencies, state attorneys general and Europe’s antitrust watchdog. The House Judiciary antitrust subcommittee issued a sweeping report last October that found Amazon has monopoly power over third-party sellers on its marketplace.
The acquisition announcement comes one day after new antitrust claims were levied against Amazon. On Tuesday, D.C. Attorney General Karl Racine announced he’s suing Amazon on antitrust grounds, alleging the company’s pricing contracts with third-party sellers have unfairly raised prices for consumers and harmed competition. Amazon pushed back against the claims, saying that sellers set their own prices for their products on its marketplace.
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As a prime member I'm excited. Hopefully this doesn't change the price.
The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017.
Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.
“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.”
In a statement, MGM Chairman Kevin Ulrich said: “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
Shares of Amazon barely moved on the announcement.
Amazon has a seasoned representative in Hollywood. The company announced last week that it would bring back Jeff Blackburn, formerly a top lieutenant to Bezos, to oversee a new Global Media & Entertainment division, which consolidates its entertainment offerings under one heading, including Prime Video, Amazon Studios, its music and podcasting businesses, Amazon Games and Twitch.
MGM will make Amazon’s TV and film library even more robust. The Hollywood studio owns the James Bond catalog and has made several hit shows including “The Handmaid’s Tale” and “Fargo.” It also owns premium cable network Epix and owns several popular reality TV shows, including “Shark Tank,” “Survivor” and “The Real Housewives.”
MGM, which is a private company, has been seeking a buyer for several years. Its owners include Anchorage Capital, Highland Capital Partners, Davidson, Kempner Capital Management, Solus Alternative Asset Management and Owl Creek Investments — funds that took control of the studio when it emerged from bankruptcy in 2010.
The MGM deal could heighten antitrust concerns for Amazon. The company faces ongoing probes by multiple federal agencies, state attorneys general and Europe’s antitrust watchdog. The House Judiciary antitrust subcommittee issued a sweeping report last October that found Amazon has monopoly power over third-party sellers on its marketplace.
The acquisition announcement comes one day after new antitrust claims were levied against Amazon. On Tuesday, D.C. Attorney General Karl Racine announced he’s suing Amazon on antitrust grounds, alleging the company’s pricing contracts with third-party sellers have unfairly raised prices for consumers and harmed competition. Amazon pushed back against the claims, saying that sellers set their own prices for their products on its marketplace.
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As a prime member I'm excited. Hopefully this doesn't change the price.
