Amazon officially buys Metro Goldwyn Mayer (MGM) Studios. The merger agreement is finalized as the two signed a merger agreement. Amazon will be absorbing MGM Studio worth $8.45 billion.
MGM Chairman of the Board of Directors Kelvin Ulrich stated that it is an honor to have taken part in the incredible transformation of the MGM brand. As he spoke on behalf of the board, he thanked the MGM team who has helped them arrive on this historic day.
He added that he is thankful that MGM's iconic Lion, which has always evoked the Golden Age of Hollywood, will be continuing with the idea born from the creation of United Artists will live on the ways the founders have originally intended. The opportunity for MGM's history to align with Amazon is an inspiring combination.
MGM holds a wide catalog of over 4,000 films. It includes James Bond, Basic Instinct, Angry Men, Creed, Moonstruck, Legally Blonde, Raging Bull, Poltergeist, Rocky, Robocop, Stargate, Silence of the Lambs, Tomb Raider, Thelma & Louise, The Pink Panther, The Magnificent Seven, The Thomas Crown Affair and multiple other icons. There are also 17,000 TV shows from its roster like The Handmaid's Tale, Fargo, and Vikings.
Amazon Studios and Prime Video Senior Vice President Mike Hopkins stated that the real financial value in the merger is the multiple IP in the catalog that Amazon hopes to reimagine. They want to develop those IPs together with MGM's talented team. It is exciting for them and provides various opportunities when it comes to high-quality storytelling.
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