Wednesday, September 27, 2023
Wednesday, September 27, 2023
Wednesday, September 27, 2023

Amazon Finalizes $8.54 Billion Acquisition of MGM, Securing Rights to $7 Billion James Bond Franchise and Other Classics




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This article was updated to adhere with AtNight Media’s Code of Ethics

Seattle-based tech giant Amazon has successfully completed its purchase of Metro-Goldwyn-Mayer (MGM) for a staggering $8.54 billion, Your Content has learned.

With this acquisition, Amazon now holds the rights to a revered collection of films, including the renowned James Bond and Rocky franchises.

The official announcement confirming the closure of the deal was made by Amazon on Thursday.

The merger successfully navigated the regulatory waiting period, despite facing some challenges at the Federal Trade Commission (FTC), which was deadlocked during the process.

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It is worth noting that Amazon’s ownership of MGM’s post-1986 catalog does not extend to everything the production company has created.

Films produced prior to 1986 remain under the ownership of Warner Bros.

MGM, in addition to its iconic franchises, has recently produced notable works such as House of Gucci and the Aretha Franklin biopic, Respect.

However, the deal has not been without its critics.

Some have raised concerns about Amazon’s increasing influence and power in the entertainment industry. Notably, a screenwriter for the James Bond franchise voiced criticisms regarding the deal last year, adding further scrutiny to the acquisition, according to The Daily Mail.

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