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Amazon Buys MGM Studios

Company hopes to increase streaming services
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Posted at 6:37 AM, May 27, 2021
and last updated 2021-05-27 07:37:32-04

An icon of American media will soon have a new owner.
Retail giant Amazon plans to acquire MGM Studios in a $8.45 billion dollar deal.

It's the company's boldest foray into the entertainment industry yet, one that it hopes will pay dividends

This is the second largest acquisition in Amazon's history, behind the company's purchase of Whole Foods in 2017.

The deal is a sign of Amazon's desire to stay competitive in the video streaming market.