![]() Did Amazon overpay MGM?īy stark contrast, its 2020 annual revenue was only $1.5 billion, highlighting how Amazon has overpaid for MGM. MGM, run by Gary Barber, and Annapurna, founded by Megan Ellison, have formed a joint venture to release about 15 movies a year, the companies said Tuesday. ![]() Storied studio Metro-Goldwyn-Mayer is teaming up with upstart Annapurna Pictures to get back into the business of distributing its own movies. Does Amazon own MGM? Why did Bezos buy MGM?Īmazon founder Jeff Bezos made no secret of his desire to get into movies, and MGM’s vast backlog provides an abundance of streaming material, not to mention an opportunity to mine the iconic James Bond and Rocky franchises for new films and television shows. had conspired to violate Disney’s worldwide rights to the MGM name in the theme park business and that MGM/UA would harm Disney’s reputation by building its own theme park at the MGM Grand hotel and casino in Las Vegas, Nevada. Amazon has closed its $8.5-billion acquisition of movie and TV studio MGM, the companies said Thursday.ĭisney later filed a countersuit, claiming that MGM/UA and MGM Grand, Inc. ![]() Leo (1957–present) Is Amazon buying MGM? Did Amazon buy MGM from Disney?Īmazon has closed its $8.5-billion purchase of MGM.
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