Amazon Takes Over Hollywood Studio MGM for $8.45 billion And Twitter Reacts To The News
The Hollywood studio responsible for franchises like James Bond and Rocky has been bought by Amazon for $8.45 billion.
To understand what a huge move this is, Amazon is now in possession of around 4,000 films and 17,000 hours of TV. The move gives Amazon Prime a huge advantage in its competition with media giants like Netflix and Disney plus.
The move has incited mixed reactions on the internet. Some people were happy to see their favourite movies/TV shows will now be available on Amazon Prime.
And we inform all the Bond fans that the MGM has been purchased by the CEO of Amazon . This it means that we will see all the Bond movies on Amazon Prime streaming very soon !— Duc de Lauzun (@VisconteLauzun) May 27, 2021
Here’s hoping that the new Bond film will be available to view on Prime once Amazon completes its purchase of MGM ... $AMZN— Asad (@asadbc) May 26, 2021
Some were concerned about Amazon's growing monopoly.
This sale should not go through. @amazon is already a monopoly platform that owns e-commerce, shipping, groceries & the cloud. They shouldn’t be permitted to buy anything else. Period. https://t.co/YyOdQ6iWPQ— Josh Hawley (@HawleyMO) May 26, 2021
So Amazon just bought MGM for like 8 Bill when will anti trust and monopoly laws apply to them— Babajide_ (@jeeebowla_) May 26, 2021
Amazon should be broken apart from the warehouses this MGM nonsense is exactly the wrong direction. Stop the monopoly madness.— Zephyr Teachout (@ZephyrTeachout) May 26, 2021
And some, obviously, had memes.
With Amazon buying MGM, Jeff Bezos will be the next James Bond villain pic.twitter.com/RQ8FstYUEh— BLURAYANGEL (@blurayangel) May 26, 2021
Amazon acquiring MGM studios for $9 billion so Jeff Bezos can finally fulfil his destiny of becoming a Bond villain pic.twitter.com/FRbMkUqbyD— Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 (@ParikPatelCFA) May 25, 2021
This is Amazon's second-biggest acquisition after acquiring the grocery chain Whole Foods for $13.7bn in 2017. A joint statement from the companies said: "Amazon will help preserve MGM's heritage and catalogue of films, and provide customers with greater access to these existing works."
Although media is not Amazon’s main product, they have been amping up Amazon Prime and building a steady user base for it. It’s like what CEO Jeff Bezos said in 2016: "When we win a Golden Globe, it helps us sell more shoes."
What do you think about this acquisition? Do you think Amazon’s monopoly is getting ridiculous at this point? Or do you think this could be a positive change? Tell us what you think in the comments. Like us on Facebook for more.