Smartphone with Amazon logo is seen in front of displayed MGM logo in this illustration taken, May 26, 2021. REUTERS/Dado Ruvic/Illustration

Ben Burke Producer

Tech

Amazon Prime gets huge boost from $8.45B deal with MGM

May 26, 2021

Ben Burke Producer

By Ben Burke (Producer), Alex Peebles (Anchor)

Amazon announced Wednesday it is buying MGM for $8.45 billion.

This is Amazon’s second biggest acquisition. The company bought Whole Foods for $13.7 billion back in 2017.

The deal with MGM allows Amazon Prime to better compete with streaming rivals like Netflix and Disney+. MGM owns a large catalogue of films and TV shows, including the James Bond Franchise, the Epic cable channel, and popular TV shows like “Fargo”, “Vikings”, and “Shark Tank”.

Gwen Baumgardner: LET’S START YOUR MORNING WITH SOME BREAKING NEWS.
I’M GWEN BAUMGARDNER WITH STRAIGHT ARROW NEWS.

AMAZON JUST ANNOUNCED IT’S BUYING MGM FOR 8-POINT-4-5 BILLION DOLLARS.

THE DEAL IS ONE OF AMAZON’S MOST EXPENSIVE ACQUISITIONS. SECOND ONLY TO THEIR PURCHASE OF WHOLE FOODS FOR MORE THAN 13 BILLION IN 20-17.
TODAY’S DEAL GIVES AMAZON PRIME A HUGE LIBRARY OF FILMS AND TV SHOWS — AS IT LOOKS TO COMPETE WITH NETFLIX AND DISNEY PLUS.