Amazon plans to 'reimagine and develop' MGM titles after $8.45 billion buyout of the iconic studio

Amazon is buying the iconic movie studio Metro-Goldwyn-Mayer in an $8.45 billion deal. The once online bookseller-turned-streamer announced the purchase Wednesday.

"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," SVP of Prime Video and Amazon Studios, Mike Hopkins, said in a statement. "It's very exciting and provides so many opportunities for high-quality storytelling."

The "treasure trove" of intellectual property Hopkins referred to includes some of the most iconic titles in Hollywood history, including the James Bond franchise, Creed, Silence of the Lambs, Poltergeist, The Pink Panther, and Robocop. Additionally, MGM's TV stable consists of 17,000 TV shows, including Fargo, The Handmaid's Tale, and Vikings.

What this purchase does is basically launches Jeff Bezos' Amazon Prime Video into greater competition with the likes of top streamers Netflix, Disney+, and Hulu in the fight for programming that will lure new subscribers.

The New York Times reports that Amazon won MGM by offering 40 percent more for the nearly 97-year-old studio than others in a bidding war that included Apple and Comcast.

Completion of the buyout is subject to regulatory approvals and other customary closing conditions. If approved, MGM will join Amazon's collection of entertainment holdings that include IMDb TV, Twitch, and Box Office Mojo, among others.

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