Original hed: Amazon to acquire MGM studio, home to James Bond, ‘Handmaid’s Tale,’ for $8.45 billion
How’s this for a movie blockbuster: Amazon has confirmed it will acquire movie studio MGM in a deal worth $8.45 billion.
In a statement Wednesday, the tech giant said they will help preserve MGM’s heritage of films, which includes 4,000 titles, including the James Bond franchise, “The Magnificent Seven,” “Raging Bull” and “Rocky.”
MGM also owns several popular TV series including “The Handmaid’s Tale,” which is in the midst of its fourth season on Hulu.
The deal is still subject to regulatory approvals. Amazon did not disclose when the deal would close.
“The real financial value behind this deal is the treasure trove of IP (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, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”