Amazon Purchasing MGM for $8.45 Billion

Amazon is set to acquire MGM in a deal with a massive price tag of $8.45 billion.

Per multiple outlets, including The Hollywood Reporter and CNN, the deal will help add a number of titles to Amazon's Prime Video, which currently has around 175 million active members streaming various video content over the past year. The MGM catalog boasts 4,000 films and 17,000 TV series. Among those properties are such iconic franchises including the James Bond and Rocky films and classic films like The Wizard of Oz and West Side Story.

This acquisition adds to Amazon's already impressive portfolio of properties. Prime Video has expanded its presence in the entertainment world thanks to original shows like The Marvelous Mrs. Maisel and the upcoming big-budget series based on The Lord of the Rings.

While the deal has made headlines today (May 26), CNN also notes, "The two companies said that the completion of the deal 'is subject to regulatory approvals and other customary closing conditions.'"