5/26, 2:39 PM (Source: TeleTrader)
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Amazon to acquire MGM Studios for $8.4 billion

Amazon. com Inc. announced on Wednesday that they entered a deal to acquire MGM Studios for $8.45 billion.

According to the statement, Amazon will help "preserve MGM’s heritage and catalog of films," while also providing users with greater access to the studio's vast film and TV catalog. Additionally, it touted MGM's history in Hollywood, stating that it complements well the work that Amazon Studios has been doing so far, and that it intends to "empower MGM to continue to do what they do best."

Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, commented on the deal, saying "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."

Amazon shares jumped 0.43% in the premarket trade following the announcement.

Breaking the News / OL