Amazon officially acquires MGM for $8.5 billion

Last year, Amazon and MGM signed a merger agreement that would see Amazon acquire MGM for the staggering price of $8.5 billion. Today, that merger is complete! “Amazon joins MGM,” Amazon said Thursday as the $8.5 billion deal has finally closed, per Deadline.

In a statement following the closing of the deal, Mike Hopkins, senior vice president of Prime Video and Amazon Studios said, “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. 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.”

Chris Brearton, chief operating officer of MGM, echoed that sentiment by saying, “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. 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.”

The home of James Bond, and nearly a century of filmmaking history, is said to complement the works of Amazon Studios, which has primarily focused on producing TV show programming. The goal of Amazon will be to help preserve MGM’s history and catalog of films by giving their customers much greater access to these films. The news of the closing of the deal means that the U.S. Federal Trade Commission did not file to block the merger or impose conditions on the deal as it came together. The historic union comes just as another mega-combo of WarnerMedia and Discovery gets close to their deal being finalized in April. At the time the merger was announced, Mike Hopkins had this to say about it:

“MGM has a vast catalog with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons—as well as 17,000 TV shows—including Fargo, The Handmaid’s Tale, and Vikings—that have collectively won more than 180 Academy Awards and 100 Emmys. The real financial value behind this deal is the treasure trove of IP 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.”

The news of the deal closing comes as Amazon has a place at the Academy Awards with an Oscar nomination for Best Picture among others for Aaron Sorkin’s Being the Ricardos. Come September, the service will launch the first of five planned seasons of The Lord Of The Rings: The Ring of Power, an expensive endeavor that they hope to make their Game of Thrones. Other successful shows on the streamer include The Boys, Reacher, Jack Ryan, The Marvelous Mrs. Maisel, and more!

What are YOUR thoughts on the Amazon and MGM deal official closing?