Instead, it’s Amazon that’s taking the plunge.īezos’ decision to step down as chief executive of Amazon this summer led some to question whether the company he founded would retreat from the entertainment business. People close to the e-commerce colossus who were not authorized to comment said the MGM acquisition fits Amazon Chief Executive Jeff Bezos’ plan to grow Amazon’s entertainment business more aggressively to better compete against Netflix and others. And if Amazon wants to stay competitive, it has to ramp up production. For instance, “Coming 2 America,” a big draw for Amazon Prime Video this year, was acquired from ViacomCBS’ Paramount Pictures. The studio, which earlier won awards for such art-house fare as “Manchester by the Sea,” was nominated this year for 12 Oscars with films that included “Sound of Metal,” “Borat” and “One Night in Miami.”īut Amazon’s performance on the big screen has been uneven, and many of its biggest hits were films that it didn’t actually make. Maisel” and “Fleabag,” and has released some popular movies, including “Borat Subsequent Moviefilm.” It has produced a handful of acclaimed television series, such as “The Marvelous Mrs. said it would spin off WarnerMedia in a $43-billion deal with Discovery, a remarkable retreat for the telecommunications giant only three years after it bought the assets.įor Amazon, the principal attraction is MGM’s valuable library, which includes 17,000 episodes of TV programming and a stable of film properties that could be mined for reboots.Īmazon already has a studio of its own, based in Culver City and run by former NBC executive Jennifer Salke since 2018. The rapid changes are fueling a wave of consolidation in the media landscape. It comes at a pivotal time as competition ramps up among streaming services such as Netflix, Disney+ and HBO Max, where hit shows are key to driving consumers to subscribe. The deal, subject to regulatory approval, would be the Seattle online retail giant’s second-largest purchase ever, following its $13.7-billion acquisition of Whole Foods in 2017. said Wednesday that it is acquiring Metro-Goldwyn-Mayer Studios for $8.45 billion - snapping up a library of more than 4,000 movies and storied franchises including “James Bond,” “Rocky” and “The Pink Panther” - in a watershed moment for the entertainment industry.

After years of speculation about the merging of Big Tech and Hollywood, Inc.

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