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Amazon announces £6 billion acquisition of James Bond studio MGM

Amazon announces £6 billion acquisition of James Bond studio MGM
Amazon confirms a deal to acquire MGM, the iconic film studio, for £6 billion.

Amazon has announced its acquisition of the iconic film studio MGM in a $8.45 billion (£6 billion) deal.

The move marks the latest consolidation among the big players of the entertainment industry and comes just weeks after the announcement of a merger between WarnerMedia and Discovery.

As a result of the purchase of MGM, Amazon and its streaming service Prime Video will gain access to a back catalogue of more than 4,000 films - including the James Bond franchise - and around 17,000 TV shows.

Mike Hopkins, svp of Prime Video, said: "MGM has a vast catalogue with more than 4,000 films - 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 other icons - as well as TV shows - that have collectively won more than 180 Academy Awards and 100 Emmys.

"The real financial value behind this deal is the treasure trove of IP in the deep catalogue 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."

The deal remains subject to regulatory approval in the US.

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