Online shopping giant Amazon MGM, the movie and TV studio behind James Bond, is buying “Legally Blonde” and “Shark Tank”, with hopes of filling its video streaming service with more stuff to watch
Amazon is paying $ 8.45 billion for MGM, making it the company’s second-largest acquisition since buying Grocer Whole Foods in 2017 for about $ 14 billion.
Amazon does not say how many people watch its Prime Video service. But more than 200 million people have access to it as they have signed up for its Prime Membership, which provides them with fast shipping and other facilities. Apart from Prime Video, Amazon also has a free streaming service called IMDb TV, where Amazon makes money by running advertisements during movies and shows.
Purchasing MGM will give Amazon access to more movies, shows, and famous characters, including Rocky, Robocop, and Pink Panther. Amazon will also get a cable channel: Epix, which owns MGM.
Known for its roaring lion logo, MGM is one of the oldest Hollywood studios, founded in 1924 when films were silent. Its library has a long list of classics, including “Singin ‘in the Rain”. No Time to Die “and Aretha Franklin’s biopic called” Respect “.
Amazon already has its own studio but has mixed results. Two of its shows, “The Marvelous Mrs. Massel” and “Fleabag”, won Best Comedy Series Emmys. Although it has won several Oscars, including the most recent “Sound of Metal”, many of its films have failed to click with the audience. At the box office. Recently, Amazon has been spending on games and great shows. It will stream “Thursday Night Football” next year and is producing the show “Lord of the Rings”, which costs $ 450 million for its first season alone.
The deal, which is subject to customary approval, would already make Amazon one of the world’s most powerful and valuable companies, even bigger. Regulators around the world are investigating Amazon’s business practices, particularly the way it looks at information from businesses that sell goods on its site and use it to create their own Amazon-branded products .
A report by the House Judiciary Committee in October called for a possible breakdown of Amazon and others, making it harder for them to buy other businesses and implement new rules to secure competition.
Amazon, founded in 1995 as an online bookstore, has become a $ 1.6 trillion giant that does a little bit of everything. It has a delivery business network that gets people to order two days or earlier; Sells inhalers and insulin; Is a cloud-computing business that powers Netflix and McDonald’s apps; And there are plans to send more than 3,200 satellites into space to beam internet service to Earth.