LOS ANGELES (KNX) — Amazon has closed a deal to purchase the catalog of MGM studios, containing more than 4,000 film titles and more than 14,000 episodes of TV, according to Variety.
The $8.5 billion deal was first announced in May of last year. The deal's finalization comes two days after it was cleared by the European Union's antitrust regulatory agency.
The U.S. Federal Trade Commission's approval was still pending as of Thursday. The agency has until a mid-March deadline to issue a determination on the transaction — but if it does not file a challenge before the deadline, Amazon may move forward with the deal.
Amazon has not disclosed why it proceeded with closing before the FTC gave its final approval.
Also unclear is the fate of MGM's slate of executives. Industry insiders have speculated that Jennifer Salke, head of Amazon Studios, could serve as chief of a combined Amazon-MGM studio. It has not been confirmed wihether MGM's executives, including chief Michael De Luca, will stay on following the merger.
“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, told Variety. “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.”
“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family," MGM COO Chris Barton added. "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. 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.”
MGM was founded in 1924 and created the James Bond, Pink Panther, and Rocky franchises. Its film catalog includes 12 Angry Men, Basic Instinct, Legally Blonde, Moonstruck, Poltergeist, Silence of the Lambs, Thelma & Louise, and Tomb Raider. Its TV catalog includes The Man from U.N.C.L.E., Chappelle's Show, The L Word, Shark Tank, Fargo, and Survivor.
Related
Follow KNX News 97.1 FM
Twitter | Facebook | Instagram | TikTok