Amazon acquires MGM in $8.5 billion deal

In an attempt to further cement its position in the entertainment world, Amazon has acquired media company Metro-Goldwyn-Mayer, most commonly known as MGM, in an $8.5 billion deal.

In May 2021, Amazon announced that it had made a deal to buy MGM, thus gaining rights to its extensive library of movies and TV shows spanning back nearly a century.

On Wednesday, the company declared that the multi-billion dollar deal had been finalized after being given regulatory approval.

In a statement posted to their website, Amazon outlined the reason behind its decision to acquire the entertainment giant.

"MGM has a nearly century-long legacy of producing exceptional entertainment," senior vice president of Prime Video and Amazon Studios Mike Hopkins said, "and we share their commitment to delivering a broad slate of original films and television shows to a global audience."

"We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers."

Likewise, MGM chief operating officer Chris Brearton expressed his excitement over the merger.

"MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century," he said. "We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come."

With more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards to its name since being founded nearly a century ago, MGM has come to be synonymous with cinematic greatness.

As CNN reports, Amazon has climbed the ladder to become a leader in the entertainment industry, and the addition of MGM titles to its library is sure to cement the company's position.

There had been speculation that the deal would be challenged by the Federal Trade Commission and Europe's antitrust commission, however neither took issue and the deal went through without issue.