Amazon Inc is making a big push into the entertainment field by acquiring MGM Studios in a deal worth $8.45 billion. MGM is one of the oldest studios in Hollywood, founded in 1924 when films were still silent. “According to CNBC, the acquisition is the second-biggest in Amazon’s history, just behind its $13.7 billion Whole Foods purchase in 2017.” The acquisition will give Amazon access to MGM’s catalog of 17,000 TV shows and 4,000 movies. The deal comes when Amazon is also facing an antitrust lawsuit by Washington, D.C., Attorney General Karl Racine.
Mike Hopkins, senior vice president of Amazon Studios and Prime Video, said, “the real value of the 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 going to be a lot of fun work,” said Amazon founder Jeff Bezos during the company’s shareholder meeting on Wednesday. “People who love stories are going to be the big beneficiaries.”
MGM Chairman Kevin Ulrich said in a statement that being able to “align MGM’s storied history with Amazon is an inspiring combination.”
– Excerpt from an article for Entrepreneur by Michelle Jones. Read the full article here.
Disclaimer: Please note that the information contained within this news post and site is offered simply as a consideration to visitors who are in the entertainment industry and are seeking to learn more about various areas of entertainment, be it in film, movies, television, music, digital, new media, film financing, merchandising and/or branding. As such, the information so provided should never be construed as legal advice. If you need further assistance or legal advice for your specific matter, please do not hesitate in contacting an entertainment attorney (film, music, digital, licensing, financing) here in Los Angeles, California at The Hollywood Lawyer by(1) emailing us at firstname.lastname@example.org; (2) calling us at (323) 300-4184; or (3) filling out our online form. www.thehollywoodlawyer.com.