Amazon closes acquisition of MGM in blockbuster $8.54 BILLION deal:• https://www.dailymail.co, By ADAM MANNO
Amazon has closed on its $8.45 billion purchase of Metro-Goldwyn-Mayer, buying the rights to some of the production company's iconic stable of films that includes the Rocky and James Bond franchises.
'MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,' said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement.
The deal was first announced in May of last year.
MGM, founded in 1924, has a library of about 4,000 movies and 17,000 TV episodes, according to Indiewire. The company emerged from bankruptcy in 2010 and has relied on other companies to market and distribute many of its films since.
Amazon will take ownership of the brand's post-1986 catalog. Everything before that was sold decades ago and is now distributed by Warner Bros.
The merger will significantly expand the e-commerce company's offerings as it continues to move into digital streaming, but it has also been met with some backlash from those opposed to the increasing power and influence of Amazon, one of the most valuable companies in the world.
Amazon announced the deal after a Federal Trade Commission waiting period expired, the Washington Post reports. The regulatory agency, which is supposed to uphold antitrust law and prevent monopolies, is currently in a 2-2 partisan deadlock.