The Briefing Room
General Category => Economy/Business => Topic started by: corbe on May 26, 2021, 02:59:47 pm
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Amazon to acquire MGM for $8.5 billion to make waves in Hollywood
by Nihal Krishan, Technology Reporter
May 26, 2021 09:19 AM
Amazon announced Wednesday that it has struck a deal to acquire MGM for $8.45 billion, boosting its ability to become a top player in Hollywood and expanding its online streaming services.
The acquisition is the second-largest deal in Amazon's history, after its $13.7 billion takeover of Whole Foods in 2017.
MGM, home of the James Bond franchise, has long been one of the biggest studios in Hollywood, with over 4,000 films and 17,000 TV shows, which Amazon will now tap into as part of Amazon Studios, its film and television department.
“The real financial value behind this deal is the treasure trove of [intellectual property] 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.”
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https://www.washingtonexaminer.com/news/amazon-mgm-deal-8-billion-hollywood (https://www.washingtonexaminer.com/news/amazon-mgm-deal-8-billion-hollywood)
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MGM owns the rights to "The Apprentice".
Last night, Colbert mentioned that Amazon is paying more than MGM is worth so Jeff Bezos can acquire the rights to "The Apprentice" outtakes that purportedly show Trump microagressing marginialized groups.