“The true monetary worth behind this deal is the treasure trove of I.P. within the deep catalog that we plan to reimagine and develop along with MGM’s gifted group,” Mike Hopkins, senior vice chairman of Prime Video and Amazon Studios, stated in an announcement.
Amazon’s urge for food for films grew to become ravenous throughout the pandemic. It paid $125 million for the rights to “Coming 2 America,” $80 million for “Borat Subsequent Moviefilm,” and $200 million for “The Tomorrow Conflict,” a Chris Pratt journey that can arrive on Prime on July 2. Amazon additionally has Oscar ambitions, shopping for the rights to “Sound of Steel,” which was nominated for finest image and different high awards at this 12 months’s ceremony.
In relation to making its personal hit movies, Amazon has lengthy struggled. MGM managers might assist: Michael De Luca, MGM’s film chairman, has a observe report that features, at numerous corporations, the “Rush Hour,” “Austin Powers” and “Fifty Shades of Gray” franchises.
MGM additionally has a 17,000-episode tv library and a TV studio that makes “Vikings,” “The Handmaid’s Story,” “Fargo” and numerous “Actual Housewives” exhibits. In 2014, MGM acquired Mark Burnett’s manufacturing firm, One Three Media, which holds rights to competitors collection like “The Voice.” Mr. Burnett, a contentious determine in Hollywood as a result of he helped form Donald J. Trump’s picture with “The Apprentice” and remained near him throughout his divisive presidential time period, serves as MGM’s tv chairman.
Anchorage Capital, a New York funding agency, has been the bulk proprietor of MGM for greater than a decade. Earlier than that, MGM was tossed between homeowners and, bitten by falling DVD income, ultimately ending up in chapter. It was value about $2 billion in 2010, based on analysts.
Kevin Ulrich, Anchorage’s chief govt and MGM’s chairman, formally put the studio on the block late final 12 months. Anchorage has been below strain from numerous stakeholders to exit the funding, with some agitators complaining that Mr. Ulrich was overly enamored with Hollywood and will have offered years in the past.