Today, Wednesday, 26 May 2021, Amazon announced its plan to buy Tom and Jerry makers MGM Studios for $8.45 billion. The purchase is likely to get its streaming service, Prime Video and TV division, Amazon Studious, access to more original content.
According to a CNBC report, MGM has a catalogue of about 4,000 films and 17,000 TV shows. Also quoting the senior vice president of Prime Video and Amazon Studios, Mike Hopkins:
“The real financial value behind this deal is the treasure trove of IP in the deep [catalogue] that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling.”
Since the pandemic showed how heavily reliable streaming platforms can be, there has been renewed vigour in the industry. Competition is at an all-time high. Disney+, Netflix, Apple TV, and others are vying for more paying subscribers with ridiculously affordable plans.
Besides the Tom and Jerry franchise, MGM is also in charge of the James Bond film series as well as the television show adaptation of “The Handmaid’s Tale”. No doubt, when new releases are announced in the near future, there will likely be a spike in the number of Prime Video subscribers.
This is not just a win for Amazon Studios because MGM also needs the funds. Since it announced bankruptcy in 2009 and emerged in 2010, it has not really been as competitive as it should be, compared to other giants. Reboots and sequels of its films have been stuck in development hell for several years. With the deal with Amazon, MGM should be able to speed up plans on its productions.
We will likely hear news about “No Time to Die”, its delayed James Bond film, in the near future. You may also like to read our recent article Fans rip into F9 star John Cena after apologising to China for calling Taiwan a country.