ENTERTAINMENT

Amazon To Buy MGM, Studio Behind James Bond And ‘Shark Tank’

May 26, 2021, 6:56 AM

FILE (Photo by David McNew/Getty Images)...

FILE (Photo by David McNew/Getty Images)

(Photo by David McNew/Getty Images)

NEW YORK (AP) — 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.

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.

Amazon doesn’t say how many people watch its Prime Video service. But more than 200 million have access to it because they’re signed up for its Prime membership, which gives them faster shipping and other perks. Besides Prime Video, Amazon also has a free streaming service called IMDb TV, where Amazon makes money by playing ads during movies and shows.

Buying MGM would give Amazon access to more films, shows and famous characters, including Rocky, RoboCop and Pink Panther. Amazon will also get a cable channel: Epix, which MGM owns.

Known for its roaring lion logo, MGM is one of the oldest Hollywood studios, founded in 1924 when films were silent. It has a long list of classics in its library, including “Singin’ in the Rain.” More recent productions include reality TV staples “Shark Tank” and “The Real Housewives of Beverly Hills,” as well as the upcoming James Bond movie “No Time to Die” and an Aretha Franklin biopic called “Respect.”

Amazon already has its own studio but has had mixed results. Two of its shows, “The Marvelous Mrs. Maisel” and “Fleabag,” won best comedy series Emmys. But many of its films have failed to click with audiences at the box office. Recently, Amazon has been spending on sports and splashy shows. It will stream “Thursday Night Football” next year and is producing a “Lord of the Rings” show, which reportedly cost $450 million for its first season alone.

The deal, which is subject to customary approvals, will make Amazon, already one of the most powerful and valuable companies in the world, even bigger. Regulators around the world are scrutinizing Amazon’s business practices, specifically the way it looks at information from businesses that sell goods on its site and uses it to create its own Amazon-branded products.

A report by the House Judiciary Committee in October called for a possible breakup of Amazon and others, making it harder for them to buy other businesses and imposing new rules to safeguard competition.

Amazon, founded in 1995 as an online bookstore, has become a $1.6 trillion behemoth that does a little bit of everything. It has a delivery business network that gets orders to people in two days or sooner; sells inhalers and insulin; has a cloud-computing business that powers the apps of Netflix and McDonald’s; and has plans to send more than 3,200 satellites into space to beam internet service to Earth.

KSL 5 TV Live

Entertainment

NEW YORK, NEW YORK - FEBRUARY 03: Larry David, comedian, writer, actor, and television producer loo...

Alli Rosenbloom, CNN

Don’t bother Larry David with menial pleasantries. He’s not interested

Just like the version of himself that he plays on “Curb Your Enthusiasm,” there are some things in life that Larry David can’t be bothered with.

12 hours ago

The ocean liner's demise remains a point of cultural fascination, more than a century later. (Movie...

Taylor Nicioli

This controversial ‘Titanic’ prop sold for more than $700,000 at a memorabilia auction

A door – or more accurately doorframe – from the 1997 movie "Titanic" sold for $718,000 at a Dallas auction.

20 hours ago

Follow @KSL5TVLike us on Facebook...

Lauren Steinbrecher

Ogden community remembers life of man who saved historic Peery’s Egyptian Theater

Community members remembered the life of a man known for saving and restoring Peery's Egyptian Theater in Ogden.

3 days ago

This image released by Columbia Pictures shows, from left, Mckenna Grace, Logan Kim, Dan Aykroyd an...

Jake Coyle, The Associated Press

‘Ghostbusters: Frozen Empire’ is No. 1 with $45.2M, Sydney Sweeney’s ‘Immaculate’ lands in fourth

“Ghostbusters: Frozen Empire” collected $45.2 million in ticket sales over the weekend, according to studio estimates Sunday, handing Sony Pictures the studio’s first No. 1 film since last summer.

4 days ago

Kevin Bacon announced to a gym full of students from Utah’s Payson High School, where his iconic ...

Sandra Gonzalez, CNN

Kevin Bacon says he’ll attend ‘Footloose’ set, Payson High School’s final prom

Kevin Bacon announced to a gym full of students from Utah’s Payson High School, where his iconic movie “Footloose” was filmed, that he will be making an appearance at the school’s final prom.

5 days ago

Ruby slippers once worn by Judy Garland in the "The Wizard of Oz" have made their way back to their...

Scottie Andrew, CNN

Dorothy’s ruby slippers from ‘The Wizard of Oz’ were stolen. 19 years later, they’re finally back home

A pair of ruby slippers, famously donned by Judy Garland in “The Wizard of Oz,” has been returned to its owner for the first time since they were stolen in 2005.

8 days ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Amazon To Buy MGM, Studio Behind James Bond And ‘Shark Tank’