Amazon Inc. on Wednesday unveiled its acquisition of Metro-Goldwyn-Mayer in a deal worth more than $ 8.4 billion.
Fox News ‘America Reports’ co-host Sandra Smith has joined Fox Business ” Kudlow ‘group, saying, “This is Jeff Bezos’ biggest acquisition since Whole Foods. It was $ 13.7 billion in 2017, there’s so much competition for the streaming space that’s how Bezos sees it. So this is a huge problem. ”
The buyout of the movie studio is another huge deal secured by the tech giant targeting the streaming industry. With Amazon’s latest acquisition, the deal offers more than 4,000 movies and 17,000 shows.
“So for Amazon it’s mostly competing in the performing space, it builds their cinematic space and adds a lot of shows you’re going to want to watch and a lot of movies. ‘James Bond’ is added, the ‘The Rocky franchise’ has been added, the TV series ‘The Handmaid’s Tale’ has been added to it. A huge, huge deal, ”Smith said.
MGM’s extensive library catalog features other popular films such as “Silence of the Lambs”, “The Pink Panther” and “The Hobbit”». Since its inception, the studio has won over 180 Academy Awards and 100 Emmys.
Amazon’s video service Prime calculated an increase in viewership in 2020 amid the coronavirus pandemic with a 70% increase in streaming hours from the previous year. With over 200 million Prime members, Amazon continues to expand its Prime Video production by offering users an even wider range of content.
According to Amazon’s 2020 annual report, the company spent $ 11 billion on its Prime service, which has significantly boosted the company’s streaming ambitions.
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The acquisition of one of Hollywood’s oldest studios further strengthens Amazon’s artillery in competition with Disney + and Netflix from The Walt Disney Company. Disney cashed in on the $ 71.3 billion 21st Century Fox mega-deal in 2019 ahead of its Disney + launch.
“That way, they can compete with Netflix like they’ve never done before,” “Kudow” host David Asman said. “Netflix is coming out with more original stuff, I think more than Prime does so far. But with MGM behind them, they could probably see what Netflix is doing. ”
Billionaire and entrepreneur Jeff Bezos founded the online book market in 1995, turning it into a staggering $ 1.6 trillion empire.