Amazon has closed a deal to buy MGM, which owns James Bond, for $8.5 billion. Reports regarding MGM's desire to sell its entire movie studio began in late 2020, with the e-commerce giant emerging as an early suitor to purchase the storied studio's vast catalog of film and television properties to boost its offerings on its streaming service, Prime Video. One year ago, Amazon agreed to buy the nearly century-old studio, and the two sides have been working on structuring and closing a deal ever since.
In the decade since Metro-Goldwyn-Mayer declared bankruptcy, the Hollywood studio has been owned by a collection of hedge funds and holding companies, which led to the decision to sell off its assets. Though many potential buyers have been steered off by the studio's high price tag, Amazon clearly sees tremendous value in the acquisition. As one of the original five major Hollywood studios, MGM owns a massive back catalog of movie and TV properties that date back to 1924. This includes lucrative franchises like James Bond and Rocky, along with classic films like Fiddler on the Roof and 1961's West Side Story.
Now, Deadline reports that Amazon has officially closed an $8.5 billion deal to buy MGM and all its properties. The studio will be merged Amazon Studios and Prime Video, but with the deal having just closed, there are no details on the exact structure of the merger. A representative from Amazon sent reassurance that they don't anticipate any changes to MGM's slate of projects already in progress, nor do they plan on making all MGM content exclusive to Prime Video.
The Amazon rep also sent word that "there are no plans to make changes to the Bond franchise." As perhaps MGM's most valuable and prestigious property, Amazon acquiring ownership of James Bond is one of the most notable aspects of the deal. With the last film, No Time To Die, acting as Daniel Craig's swan song, Amazon is about to oversee a new era of 007 by casting the next actor to play the role. However, based on their brief statement, it seems creative control will largely remain in the hands of Eon Productions and longtime producers Barbara Broccoli and Michael G. Wilson.
Other than acquiring franchises like James Bond and Creed, which will likely remain theatrical releases under their new ownership, Amazon's move is clearly an attempt to bolster their streaming offerings with MGM's expansive library. Other than a vast catalog of classic films, The Handmaid's Tale, Fargo, and Vikings are a few TV series now under Amazon's purview. The full extent of what the company plans to do with many of these properties is still unclear, as the new Amazon-MGM era is just beginning.
Source: Deadline