Amazon recently signed an $8.45 billion deal to buy American media company Metro-Goldwyn-Mayer (MGM).
MGM has been up for sale for months and several outlets were reporting progress, which ultimately led the two companies to seal the multibillion-dollar deal.
Amazon believes MGM’s goldmine lies in its intellectual property, which it will use to produce new content.
The deal will not only bolster Amazon Prime Video with new programming from MGM’s long history but will also help give Amazon’s existing original production arm, Amazon Studios, a big boost.
Commenting on the deal, Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, said in a press release: “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. It’s very exciting and provides so many opportunities for high-quality storytelling.”
For more information, read the original story in CNET.