Amazon buys MGM for $8.45 Billion
By Abb Jones
In a blockbuster deal, Amazon has announced it is beefing up its Prime Video library by buying MGM Holdings for a whopping $8.45 billion. The deal means Amazon will own one of the film industry’s most iconic studios as well as a 4000 title film library that includes the James Bond films, The Hobbit franchise and much more.
The deal is Amazon’s boldest move yet into the entertainment industry, and comes just days after AT&T announced its $43 billion plan to spin off its WarnerMedia division, including HBO and Warner Bros., to Discovery.
Amazon, with its subscriber base of 200 million Prime members, is battling Netflix with 207 million subscribers and Disney+ with 103 million subscribers for global supremacy among the streaming platforms.
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