Amazon announces it has agreed to purchase MGM for $8.75 billion

Amazon is announcing that it has agreed to acquire MGM’s (Metro Goldwyn Mayer) entire backlog of content dating back almost a century. It’s noted that MGM has over 4,000 films and 17,000 hours of television shows and with it, Amazon hopes to improve its current on-demand video offerings. Amazon has heavily invested into its own Amazon Studios to create original shows and films exclusive for Prime video and this acquisition will position the platform to compete with Disney+ and Netflix on a larger scale. Amazon believes that MGM’s catalog will complement Amazon Studios...