Amazon to Acquire MGM for $8.45 Billion Amid Competition With the Likes of Netflix and Apple TV+

Amazon today announced it has reached an agreement with MGM to acquire the entertainment company for $8.45 billion, following a report last year that claimed MGM had reached out to Apple to gauge interest in a potential acquisition.

mgm
The acquisition of MGM will likely bolster Amazon Prime Video's catalog of movies and TV shows amid increasing competition from the likes of Netflix, Disney+, and Apple TV+. Amazon said it will help preserve MGM's heritage and catalog of films, and provide customers with greater access to these existing works, such as the James Bond franchise.

Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios:

MGM has a vast catalog with more than 4,000 films—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 many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid's Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys. 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. It's very exciting and provides so many opportunities for high-quality storytelling.

The acquisition is subject to regulatory approvals and other customary closing conditions.

Apple continues to expand its slate of TV+ programming, including "The Me You Can't See," a mental health docuseries from Oprah Winfrey and Prince Harry that debuted May 21. A follow up to that series is coming May 28.

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Top Rated Comments

Orange Bat Avatar
40 months ago
I’m not sure I’d call Apple TV+ real competition for the others at this point. Apple should have made this purchase, or try and make one like it (Sony still might be willing to sell — but at a premium. WarnerMedia looks to be back on the market and its been reported that the point of the Discovery merger is to make WarnerMedia attractive for a sale). Apple is not a true major player in streaming and has nothing on services like Disney+, Netflix, Amazon Prime, or even HBO Max.
Score: 46 Votes (Like | Disagree)
Expos of 1969 Avatar
40 months ago

‘Least we got Oprah
Apple TV+ certainly does not deserve to even be in the same sentence as Netflix and Disney. Sort of like comparing my 10 year old nephew Timmy who plays hockey for his neighbourhood team and Wayne Gretzky. Although Wayne is long retired he is still offers much more than my nephew.
Score: 29 Votes (Like | Disagree)
Sebosz Avatar
40 months ago
I don’t think Amazon needs MGM to compete with Apple TV+, lol ?
Score: 29 Votes (Like | Disagree)
sblemmy Avatar
40 months ago
I find Apple's TV strategy quite baffling. I know they're doubling down on original content, but, frankly, companies need a back catalog AND new content to be competitive in the streaming space. They're already years behind Netflix, Disney+, HBO Max.
Score: 29 Votes (Like | Disagree)
groundedUX Avatar
40 months ago
Unless I’m missing something, this kinda feels like a steal? The Bond franchise alone has brought in over $10B or so I think. Imagine branching out and further developing some of the better known franchises in this catalog (like Star Wars has done) AND having a full catalog to supplement Prime Video immediately.
Score: 19 Votes (Like | Disagree)
widestload Avatar
40 months ago
Would have been a worthy addition to Apple TV+. Oh well :confused:
Score: 17 Votes (Like | Disagree)