Don Bezos and Amazon Buy MGM
Amazon Buys MGM for $8.4 Billion, in efforts to strengthen media selection.
On Wednesday Amazon announced a deal had been reached to acquire MGM movie studio, for a hefty $8.5 billion. This price tag is way over recent offers from companies like Apple, and Comcast who valued MGM at just $6 Billion (including debt). A major financial win for MGM. This is a boost for Amazon's ongoing effort to improve its online Prime Video selection, thanks to MGM’s library of well-known characters. The senior vice president of Prime Video said in a press release that they plan to create new content alongside MGM’s talented team. This acquisition comes at a great time as Amazon Studios had little success developing its own movies or shows. Instead relying on collaborations with other studios like “Borat'' and “Manchester by the Sea”. Putting them in competition to compete with streaming services in the same tier of them like Disney +, HBO max, and Apple TV.
Written by Brian Orosa