Last December, it was revealed that MGM was planning to sell its entire film studio including its wide and rich film and TV library, and now it looks like the studio has finally found the right partner, who will help one of the world’s oldest film studios further expand into the competitive streaming landscape. Today, it has been officially announced that Amazon and MGM have entered into a definite merger agreement allowing Amazon to officially acquire MGM for a purchase price of $8.45 billion.
“It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day,” Chairman of the Board of Directors of MGM, Kevin Ulrich said in a statement. “I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”
Through this acquisition, Amazon plans to help preserve MGM’s near-century-long film heritage and catalog of films by providing customers with greater access to these existing works. Amazon would empower MGM to continue to do what they do best: great storytelling.
MGM currently has ownership of over 4000 titles and 17,000 hours of television programming. This includes big franchises such as the James Bond films (with No Time to Die currently slated for October 8, 2021), Rocky, The Hobbit, Pink Panther, Candyman, and RoboCop as well as acclaimed TV series The Handmaid’s Tale and Stargate.
“MGM has a vast catalog with more than 4,000 films … as well as 17,000 TV shows … that have collectively won more than 180 Academy Awards and 100 Emmys,” Senior Vice President of Prime Video and Amazon Studios, Mike Hopkins said. “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 studio also has the rights to upcoming projects such as Henry Golding-led G.I. Joe spinoff Snake Eyes; the Aretha Franklin biopic Respect; Nia DaCosta’s Candyman pic; Ridley Scott’s star-studded crime drama film House of Gucci; a third Creed film; a Pink Panther reboot; Ron Howard’s Thai cave rescue film Thirteen Lives; Peter Dinklage-led musical film Cyrano; a Tomb Raider sequel starring Alicia Vikander; the long-awaited Legally Blonde sequel featuring the return of Reese Witherspoon’s Elle Woods; and George Miller’s epic fantasy film Three Thousand Years of Longing.