Amazon Has Officially Bought Film and TV Entertainment Company MGM in $8.5 Billion Deal

Amazon has officially acquired entertainment company Metro-Goldwyn-Mayer (MGM) in an $8.5 billion deal.

Metro-Goldwyn-Mayer, which is a longtime entertainment company that produces and distributes film and television, has just been bought by global conglomerate Amazon. Amazon first spoke on purchasing the studio last May.

“The storied, nearly century-old studio — with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards — will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers,” said Amazon, per Variety.

During the time between the announcement and closing the deal, it had to be reviewed by the U.S. Federal Trade Commission. Right now, there are no details on how the two companies will come together and operate. Hypebeast reports the head of Amazon Studios, Jennifer Salke, may come in and serve as the chief of the merger.

“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,” said Mike Hopkins, senior VP of Prime Video and Amazon Studios, said in a statement.