Metro-Goldwyn-Mayer Studios Inc. (also known as Metro-Goldwyn-Mayer Pictures, initialized as MGM is an American media company, involved primarily in the production and distribution of feature films and television programs. One of the world’s oldest film studios, MGM’s corporate headquarters is located in Beverly Hills, California.
Amazon has sealed an $8.45 billion deal to buy MGM, it announced on Wednesday, May 26. Amazon’s acquisition of MGM Studios could mean a big expansion of Amazon Prime’s streaming inventory to include MGM’s big-name movies and TV shows. These include the James Bond, Rocky, Creed, and Pink Panther franchises, alongside “Legally Blonde” and “A Star Is Born.” Its TV shows include “The Handmaid’s Tale,” “Fargo,” “Shark Tank,” and “The Real Housewives.”
MGM produced numerous big musicals and won many Oscars. The company was a complete production house, from studios and backlots to full technical facilities.
Amazon said MGM’s goldmine is the intellectual property that it can leverage for making new content – the beloved franchises that Amazon can now tap into to make new material for streamers.
The intensifying competition in streaming services has triggered a wave of consolidation among media companies. Disney bought Fox, Viacom and CBS merged, and AT&T bought Time Warner (and then struck a deal last week to sell it all off as WarnerMedia to Discovery). MGM was one of the few smaller media properties left, as the competitive advantage in the industry solidifies around being a giant – or part of a giant – in order to survive.
Amazon’s MGM takeover is still subject to regulatory approval and other customary conditions before it can close. Perhaps the next James Bond movie: No Time to Die will be available via Amazon Prime.