It looks like all the other streaming services out there need to start paying attention and step up their game because Amazon has announced the acquisition of MGM. We heard rumors about Amazon’s interest in MGM last week, and it looks like the rumors have since been proven true as the deal is said to be worth $8.45 billion.

According to Mike Hopkins, Amazon’s head of Prime video and Amazon Studios, “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. It’s very exciting and provides so many opportunities for high-quality storytelling.”

For those who are unfamiliar, MGM is the studio behind many popular movie franchises such as James Bond. If you’ve ever watched a movie, there is a good chance you would have come across MGM’s roaring lion logo. The deal isn’t closed yet as it is subject to the usual regulatory approvals, but assuming it all goes to plan, it could be a huge deal for Amazon.

Amazon isn’t alone in trying to secure more exclusive content for its own platform. Other companies like Apple and Netflix have also been trying to court famous actors and directors to create shows for their platforms in a bid to entice customers to subscribe.

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