Amazon snaps up James Bond owner MGM for $8.45 billion as streaming war heats up

Amazon.com Inc said on Wednesday it is buying MGM, the fabled U.S. movie studio home to the “James Bond” franchise, for $8.45 billion, giving it a huge library of films and TV shows and ramping up competition with streaming rivals led by Netflix and Disney.

Privately held MGM, or Metro Goldwyn Mayer, was founded in 1924, and also owns the Epix cable channel and makes popular TV shows including “Fargo”, “Vikings” and “Shark Tank.”

“The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team.