It’s been reported for days that Amazon was looking to spend almost $9 billion to acquire MGM, a major Hollywood studio that has a heap of IP titles and legacy films. The studio also has a partnership with EON Productions for the James Bond franchise.
Well, the streaming giant made the merger official this morning and dropped a press release confirm it’s going ahead, paying an impressive $8.45 billion for MGM. The press release also mentioned Amazon’s intention to “reimagine” the deep catalog, which likely means turning properties into films and television shows.
“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,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
Amazon (NASDAQ: AMZN) and MGM today announced that they have entered into a definitive merger agreement under which Amazon will acquire MGM for a purchase price of $8.45 billion. MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming. Amazon 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 studio’s film catalog includes 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, RoboCop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many films, over 4,000 of them. Not to mention 17,000 television shows as well.
MGM is already looking to soft-reboot RoboCop with RoboCop Returns from Aussie director Abe Forsythe (Little Monsters). The Russo Brothers are producing a new incarnation of the romantic crime flick Thomas Crown Affair led by Michael B. Jordan (Creed, Black Panther, Without Remorse) as the charming thief. Jordan is about to direct and star in Creed III, making his directorial debt on the boxing drama. A new James Bond is expected to be hired for Bond 26, once No Time To Die ends the Daniel Craig era. Alicia Vikander’s Tomb Raider reboot movie is set to get a sequel from director Misha Green (Lovecraft Country). Something like Stargate would be prime for a franchise reboot as it was a feature film that spawned multiple television shows. Those are just some examples that are just the tip of the iceberg and we should expect more projects announced in the coming weeks/months given the deep pockets of Amazon Studios/Prime Video.
Amazon getting their hands on a legacy Hollywood studio should help boost their film/television library but also allowing them to create new original IP content, allowing them to become more competitive against the Netflix originals and could see Amazon attempt theatrical distribution on a larger scale as they could add global box office to their revenue stream.
Some of the high-profile Prime Video shows on the horizon are the expensive Lord of The Rings that is expected to land at least five seasons and at least two seasons of Wheel of Time series led by Rosamund Pike that is based on the Robert Jordan fantasy novels.