Following rumours of MGM’s acquisition by Amazon, the tech giant and the film and TV company recently confirmed that they have indeed reached a deal.

In a statement released by both parties, it was revealed that Amazon is acquiring MGM for USD 8.45 billion, which means that the former will now own one of the largest library of content – which consist of around 4000 films and 17,000 hours of TV. This include movie franchises like “James Bond” and “Rocky”, as well as shows like “The Handmaid’s Tale” and “Vikings”.

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Amazon acquires one of the most extensive libraries of premium film and TV content

“The real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

The deal was reportedly negotiated by Hopkins with MGM chairman Kevin Ulrich, the latter who expressed, “I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”

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“The Handmaid’s Tale” and “Rocky” are among titles that will soon belong to Amazon