Amazon buys MGM’s ‘IP treasure trove’ for $8bn
Amazon has acquired MGM Studios and its “treasure trove of IP”, including the “James Bond” and “Rocky” series, for $8.45 billion.
Announcing the news yesterday, May 26, Amazon highlighted the extensive catalogue of copyright-protected movies and TV shows that would change hands as part of the deal. Amazon will acquire approximately 4,000 films and 17,000 TV series.
“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.
Amazon indicated it would help “provide customers with greater access to these existing works. It is not yet known when the catalogue will be available on Prime Video, or when Amazon expects the merger to be approved.
MGM had been poised to release the next installment in the “James Bond” series, “No Time To Die”, in October, following lengthy delays due to the COVID-19 pandemic. The decision to delay last April’s scheduled release prompted British cinema operator Cineworld, the world’s second-largest cinema chain, to shut its theatres temporarily.
Eon Productions, the co-producer of the “James Bond” films alongside MGM, has indicated the film will still see a theatrical release later this year. “We are committed to continuing to make James Bond films for the worldwide theatrical audience,” said Eon’s Barbara Broccoli and Michael Wilson in a statement.
Amazon-produced films have, in the past, often been given a limited theatrical release before or alongside their being made available on the Prime Video streaming service.
Other notable titles in MGM’s catalogue include “Silence of the Lambs”, “12 Angry Men”, “Raging Bull”, and “Fargo”—forming part of a set that has won more than 180 Academy Awards and 100 Emmys, Hopkins pointed out. “It’s very exciting and provides so many opportunities for high-quality storytelling,” he added.
The deal will strengthen Prime Video’s status as the main rival to Netflix, which has invested heavily in its original productions, as well as its rights to stream externally-produced films and TV.
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