May 26, 2021

Amazon buys Hollywood studio MGM for $8.45bn

Amazon has agreed to buy the historic MGM studios for $8.45bn. MGM is one of Hollywood's most famous studios, having produced classic films such as Some Like It Hot and Singin' In The Rain. MGM Holdings, the parent company of MGM Studios, had reportedly been exploring a sale since 2020. Amazon said in a statement that the deal would allow MGM, founded in 1924 and recognised by its roaring Leo the Lion logo, "To continue to do what they do best: great storytelling." "Kevin Ulrich, Chairman of the Board of Directors of MGM, said:"I am very proud that MGM's Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history. "The opportunity to align MGM's storied history with Amazon is an inspiring combination."

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