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Amazon buys MGM Studios for $8.45B in Hollywood mega deal

Mount Equity Group Tokyo, Japan > News > Business > Amazon buys MGM Studios for $8.45B in Hollywood mega deal

Amazon is ready for its closeup.

The e-commerce giant announced Wednesday it has purchased MGM Studios — once one of Hollywood’s Big Five major production and distribution companies until it fell into bankruptcy in the 21st Century.

It’s Amazon’s biggest acquisition since it bought Whole Foods for $13.7 billion in 2017. The deal also marks the $1.6 trillion e-commerce giant’s biggest push yet into Hollywood.

The $8.45 billion acquisition brings a slew of movies and shows to Amazon’s Prime Video streaming service as it seeks to compete with giants like Netflix and Disney.

The company also owns a slate of reality TV series that include “Shark Tank” and “Survivor.”

MGM Studios fell into bankruptcy in 2010.Anadolu Agency via Getty Images

Metro-Goldwyn Mayer did not age well. The nearly 100-year-old Tinseltown titan behind hits such as Rain Man and One Flew Over the Cuckoo’s Nest became a target for corporate raiders who sold off much of its production assets.

The company still owns a massive catalog of content, though, from the James Bond and Rocky franchises to a studio responsible for more recent streaming hits like “The Handmaid’s Tale.”

MGM is currently owned privately and counts a number