Amazon closes deal to buy MGM for $8.45 million

Variety

The deal gives Amazon's Prime Video service a slew of new entertainment programming, including 4,000 movies and 17,000 episodes of television. “The real financial value behind this deal is the treasure trove of (intellectual property) in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” Mike Hopkins, senior VP of Prime Video and Amazon Studios, said in announcing the deal. Amazon founder Jeff Bezos says Amazon Studios will reimagine MGM’s vast library for the 21st century. “The acquisition thesis here is really very simple: MGM has a vast deep catalogue of much beloved intellectual property. With the talented people at MGM and the talented people at Amazon Studios, we can reimagine and develop that IP for the 21st century. It’s going to be a lot of fun work, and people who love stories are going to be the big beneficiaries,” Bezos said Wednesday during Amazon’s shareholder meeting,