“The actual 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 vp of Prime Video and Amazon Studios, mentioned in an announcement.
Amazon’s urge for food for motion pictures grew to become ravenous in the course of 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 Warfare,” a Chris Pratt journey that can arrive on Prime on July 2. Amazon additionally has Oscar ambitions, shopping for the rights to “Sound of Metallic,” which was nominated for greatest image and different prime awards at this yr’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 monitor report that features, at numerous firms, 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 house owners and, bitten by falling DVD income, ultimately ending up in chapter. It was price about $2 billion in 2010, based on analysts.
Kevin Ulrich, Anchorage’s chief government and MGM’s chairman, formally put the studio on the block late final yr. 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 may have offered years in the past.