After rumors of being sold last week, The Hollywood Reporter confirms that MGM has been sold to Amazon. The blockbuster deal involves Amazon paying 8.45 billion dollars for the studio holdings and its library. The acquisition, unveiled just days after AT&T announced a $43 billion plan on May 17 to spin off its WarnerMedia division, including HBO and Warner Bros., to Discovery, marks the latest major consolidation.
With the acquisition, Amazon will add
“a vast collection of Hollywood classics and franchises to its mix. MGM boasts a film library of around 4,000 titles and 17,000 hours of TV programming, including the Bond, Rocky/Creed and The Hobbit film franchises. The 25th installment in the Bond series, No Time to Die, was delayed multiple times to Oct. 8, 2021 as the pandemic has slowed a box office recovery. (The Bond franchise rights are co-owned by Eon Productions, run by Michael G. Wilson and Barbara Broccoli.) Additionally planned for this year is G.I. Joe franchise spinoff Snake Eyes, which MGM co-produced with Paramount.”
MGM also boasts one of the largest collections of classic Hollywood titles, including Academy Award winners like 1939’s The Wizard of Oz, 1960’s The Apartment and 1961’s West Side Story, and 1939’s Gone With the Wind.
This is monumental day in Hollywood and is sure to rock the foundation of the business.
