An MGM M&A

Amazon Raises the Streaming Stakes with MGM Acquisition

The online retailer becomes a worthy home entertainment contender practically overnight

The famous Metro Goldwyn Mayer roaring lion logo and animation now belong to the most important retailer in the world. For better or worse. (Image: MGM)

So the rumors were true and Amazon does intend to upset the streaming market balance of power: the retail giant announced it acquired MGM Studios in a deal worth almost 8.5 billion dollars. Through this acquisition — its biggest so far in the home entertainment business — Amazon now owns more than 4.000 films and 17.000 TV shows belonging to MGM from 1986 onwards, including movies that have yet to be released such as Ridley Scott’s House of Gucci, Paul Thomas Anderson’s Soggy Bottom, Candyman, Respect and the next, repeatedly-delayed, James Bond film No Time to Die.

“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,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling”. What this means in practical terms remains to be seen, but the intellectual properties covered by that “treasure trove” reference include anything from Rocky, Legally Blonde, The Pink Panther and Poltergeist to 12 Angry Men, The Handmaid’s…