There could be more good cinema in the future. Competition in the ruthless yet beautiful world of streaming is getting more serious as Amazon joins the race. The largest e-commerce retailer has announced the purchase of legendary Metro-Goldwyn-Mayer.
As a result of a $8.45 billion deal, Amazon will get access to an impressive library of films and TV shows. MGM's catalog contains over 4,000 films and 17,000 TV shows. Its main projects include such franchises as Rocky, The Handmaid's Tale, Legally Blonde, and, of course, James Bond. In fact, James Bond is more than just a series. Its main character also represents a lifestyle that extends to all parts of the globe and pop culture. With such an asset in its portfolio, Amazon may well challenge the industry’s giants Netflix and Disney.
"The real financial value behind this deal is the treasure trove of intellectual property in the deep catalog that we plan to reimagine and develop together with MGM's talented team. It’s very exciting and provides so many opportunities for high-quality storytelling," Senior Vice President of Prime Video and Amazon Studios Mike Hopkins said. "Completion of this transaction is subject to regulatory approvals and other customary closing conditions," he added.
The high price of the deal means little to Amazon, one of the world’s wealthiest companies with a $1.7 trillion market capitalization. The purchase of the film studio will provide Amazon with access to a large film library, a famous studio in Hollywood, and a stylish superspy.