WASHINGTON: Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said on Wednesday, giving the US tech giant a vast content library to further its ambitions in streaming.
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Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast content library to further its ambitions in streaming.
The deal bolsters Amazon Prime Video, which competes with Netflix and others in the fast-evolving market, with some 4,000 films including the James Bond franchise and 17,000 television shows.
The move comes with Amazon experiencing surging growth in online retail and cloud computing, while making a push into entertainment as more consumers turn to streaming media.
It gives Amazon the fabled Metro Goldwyn Mayer studios, an iconic name in Hollywood which has been through a series of ownership changes and bankruptcy in recent years.