Amazon announced it will be purchasing MGM Studios in an $8.45 billion deal.
The acquisition is Amazon's most expensive, following Whole Foods for $13.7 billion in 2017.
Amazon made the announcement on Wednesday, and emphasized it will help preserve MGM’s heritage and catalog of films, and provide customers with greater access to these existing works.
Through this acquisition, Amazon would empower MGM to continue to do what they do best: Great storytelling, the company said.
"Legally Blonde," "12 Angry Men," "Basic Instinct," "Rocky," "Thelma & Louise," "Fargo," "The Handmaid's Tale" and "Vikings" are only some of the thousands of the award-winning films and movies that will soon be owned by Amazon.
“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," said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
"It’s very exciting and provides so many opportunities for high-quality storytelling.”
Completion of this transaction is subject to regulatory approvals and other customary closing conditions.
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