Amazon completes MGM buyout

Amazon’s $8.5 billion takeover of MGM has been completed days after getting the green light from Europe.

Internet giant Amazon today announced it has finalised its takeover of MGM, a couple of days after the European Union approved the purchase of the studio.

Although a FTC decision was expected before then end of the month no formal announcement has yet been made to give Amazon the all clear to take over MGM. However, Amazon is unlikely to have gone ahead with the announcement without receiving official notification.

No announcement has yet been made regarding the executive team, but Variety notes that industry insiders are speculating that Jennifer Salke, head of Amazon Studios, could head up the combined operation. It is unless uncertain if MGM’s current executive team will remain.

Amazon’s senior VP of Prime Video and Amazon Studios, Mike Hopkins, said:

MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience.

Of course, MGM is the home studio for James Bond and any real progress on Bond 26 required the deal to be finalised. However, it seems unlikely that Eon Productions will immediately start work in earnest on another Bond film.

While they will certainly wait to see the lie of the land with Amazon once MGM starts to become integrated, Barbara Broccoli and Michael G Wilson may instead think now is a good time to cash in on 007.

But whatever happens with Eon, at least MGM seems to finally have a stable home after years of floundering.

Source: Variety

 

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