Amazon buys MGM for $8.45 bn

New York, May 26

Amazon is going Hollywood. The online shopping giant is buying MGM, the movie and TV studio behind James Bond, ‘Legally Blonde’ and ‘Shark Tank’, with the hopes of filling its video streaming service with more stuff to watch.

Second-largest acquisition

• This is Amazon’s second-largest acquisition after it bought grocer Whole Foods for nearly $14 billion in 2017
• The deal is aimed at boosting streaming services to compete against Netflix and Disney+

Amazon is paying $8.45 billion for MGM, making it the company’s second-largest acquisition after it bought grocer Whole Foods for nearly $14 billion in 2017.

The deal is the latest in the media industry that’s aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced on May 17 that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO. — AP