Amazon Buying Hollywood Studio MGM - Upping the Streaming Wars
GoLocalProv Business Team
Amazon Buying Hollywood Studio MGM - Upping the Streaming Wars
Jeff Bezos -- Amazon founder is already worth an estimated $177BThe much-rumored mega-deal is moving forward.
Amazon has agreed to buy the Hollywood studio MGM Holdings for $8.45 billion, including debt, in a deal that transforms a movie company into a streaming asset for the e-commerce company.
The deal is another billion-dollar example of where the biggest companies believe the future is going — streaming.
The deal is Amazon’s second-largest acquisition in history, behind its $13.7 billion purchase of Whole Foods in 2017.
WSJ reports, “The studio is best known for classics such as 'Singin’ in the Rain,' as well as 'Rocky' and 'The Pink Panther.' MGM has a library of titles, including the James Bond franchise, that, in contemporary Hollywood, is most valuable as an asset that can be used to drive subscriber sign-ups to Amazon’s Prime Video streaming service.”
The deal is likely to raise even more antitrust concerns for Amazon, which is already at the center of multiple international and U.S.-based probes because of its dominance.
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