Amazon on Wednesday introduced to amass film large MGM for $8.45 billion (Rs 611 crore), at a time when the world’s largest telecommunication firm AT&T has introduced to merge WarnerMedia with Discovery to create a brand new media large that can compete with main streaming gamers like Netflix.
Metro Goldwyn Mayer’s or MGM which has a century of filmmaking historical past, has an unlimited library of over 4,000 movie titles, together with 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and lots of others.
“MGM has an unlimited catalogue with greater than 4,000 movies which have collectively gained greater than 180 Academy Awards and 100 Emmys,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
“The real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling,” Hopkins stated in a press release.
MGM has been up for sale since December 2020.
“I’m very proud that MGM’s Lion, which has lengthy evoked the Golden Age of Hollywood, will proceed its storied historical past, and the concept born from the creation of United Artists lives on in a means the founders initially meant, pushed by the expertise and their imaginative and prescient,” said Kevin Ulrich, Chairman of the Board of Directors of MGM.
Last week, AT&T and Discovery announced a definitive agreement to combine WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses to create a premier, standalone global entertainment company.
Under the terms of the agreement, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt.
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