Amazon Now Officially Owns MGM

WebProNews
Amazon Now Officially Owns MGM

Amazon is now the official owner of MGM, closing its $8.45 billion bid to acquire the storied studio.

Amazon announced plans to purchase MGM in May 2021, for $8.45 billion, to compliment its own Prime Video and Amazon Studios. MGM’s catalog and accolades include 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards.

Despite some pushback, and investigation by the FTC, the deal has finally closed, nearly a year after it was started.

“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios. “We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”

“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” said Chris Brearton, chief operating officer of MGM. “MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”

It remains to be seen what impact the Prohibiting Anticompetitive Mergers Act could have, should the bill become law. The proposed law would give regulators the ability to undo harmful mergers worth more than $5 billion. Of course, the fact that US and EU regulators did not aggressively object to the Amazon/MGM acquisition would seem to indicate it was not deemed “harmful.”

Amazon Now Officially Owns MGM
Matt Milano

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