Amazon confirms plans to "reimagine and develop" James Bond, Robocop and more as it buys MGM

The acquisition – which cost $8.45 billion – was confirmed today (Wednesday 26th May) and Amazon is already pressing ahead with announcing its plans.

"Amazon will help preserve MGM’s heritage and catalog of films, and provide customers with greater access to these existing works," the company said.

"Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling."

The MGM catalogue comprises over 4,000 films in total including such big hitters as 12 Angry Men, Basic Instinct, James Bond, Legally Blonde, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs and Thelma & Louise.

Speaking about that extensive library, Vice President of Prime Video and Amazon Studios Mike Hopkins said, "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."

Exact details about what that re-imagining might entail have not been made clear, but we can probably expect further announcements in the coming months.

Kevin Ulrich, Chairman of the Board of Directors of MGM, said of the merger, "It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day.

He added, "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."

After being founded by Marcus Loew and Louis B. Mayer in 1926, MGM went on to become one of the major studios of Hollywood's Golden Age, but the company has been bought and sold on many occasions since its heyday.

In 2010, the company filed for bankruptcy, and although it emerged from bankruptcy later that year, it had been exploring a sale for some time.

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