Amazon has officially closed its second-largest acquisition ever, welcoming Metro-Goldwyn-Mayer to the fold for $8.5 billion, the companies announced on Thursday. The landmark deal was first reported last May, pending regulatory approval.
MGM offers Amazon Studios a diverse catalog of more than 4,000 movies and 17,000 TV show episodes, including the James Bond, Rocky/Creed, and Pink Panther franchises. Its film slate boasts Legally Blonde, The Silence of the Lambs, and Thelma & Louise, as well as TV shows such as The Handmaid’s Tale and Survivor. As part of the agreement, Amazon will assume all of MGM’s debt in the sale.
“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,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said in a statement. “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.”
Finalization of the Amazon–MGM deal arrives two days after the European Union’s antitrust regulator “unconditionally” approved the acquisition, Variety reports. In its antitrust review, the European regulator found that “MGM’s content cannot be considered as must-have” and that there were “limited” overlaps between Amazon and MGM. The U.S. Federal Trade Commission declined to block the purchase, as the deadline to challenge it elapsed in mid-March. Amazon and MGM’s merger comes months after AT&T announced it would be spinning off WarnerMedia and combining it with Discovery—creating one of the biggest media conglomerates in the country.
The businesses have not shared how leadership or theatrical releases for the combined MGM and Amazon will change, if at all. Jennifer Salke currently heads Amazon Studios, and Variety notes that “industry chatter has led to speculation she could serve as the chief of a combined studio.”
“MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century,” Chris Brearton, chief operating officer of MGM, said in a press release. “We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”
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