Amazon is buying Metro Goldwyn Mayer (MGM) for $8.45 billion US in an attempt to fill its streaming service with more content. MGM is a famous movie and TV studio that is behind entertainment such as James Bond, Legally Blonde, and Shark Tank. On record, this is Amazon’s second-largest acquisition after buying Whole Foods for almost $14 billion in 2017.
This recent deal in the media sector will create more competition with Netflix and Disney+. On May 17, AT&T and Discovery announced they would combine media companies to create a service that includes HGTV, CNN, Good Network, and HBO.
More than 200 million people have access to Amazon’s Prime Video because they are signed up for a Prime membership. The company doesn’t say how many people actually use its streaming service. There is also a free service that Amazon provides called IMDb TV, where Amazon makes money by playing ads during shows or movies.
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