Online shopping giant Amazon 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 is aimed at boosting streaming services to compete against Netflix and Disney+.
AT&T and Discovery announced last week 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 streaming service, but more than 200 million people have access to it because they pay for Prime membership, which gives them faster shipping and other perks.
Amazon said Wednesday that it would use MGM’s vast library, which includes famous characters such as Rocky, RoboCop and Pink Panther, to create new movies and shows.
