Amazon acquires movie giant MGM

On Wednesday, Amazon announced their acquisition of movie giant MGM for a whopping $8.45 billion. This comes close in the heels of AT&T's decision to merge WarnerMedia with Discovery. 

Metro Goldwyn Mayer's or MGM which has a century of filmmaking history, has a vast library of over 4,000 film titles, including 12 Angry Men, Basic Instinct, Creed, James Bond, Raging Bull, Rocky, Silence of the Lambs, The Pink Panther, The Thomas Crown Affair, and many others.

"MGM has a vast catalogue with more than 4,000 films that have collectively won more than 180 Academy Awards and 100 Emmys," said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios. "The real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM's talented team. It's very exciting and provides so many opportunities for high-quality storytelling," Hopkins said in a statement.

"I am very proud that MGM's Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision," said Kevin Ulrich, Chairman of the Board of Directors of MGM.