Jeff Bezos Says MGM Deal Thesis Simple – Intellectual Property – Deadline

Amazon CEO Jeff Bezos mentioned the explanation the tech large acquired MGM is easy – it’s trove of beloved content material.

“Should you noticed this morning’s announcement, we’re wanting ahead to welcoming MGM to the Amazon fold,” Bezos advised shareholders on the firm’s beforehand scheduled annual assembly.

“We’re actually enthusiastic about MGM,” the founder and outgoing CEO mentioned, touting the library of over 4,000 movies and seven,000 tv reveals.

“The acquisition thesis right here is basically quite simple. MGM has an unlimited, deep catalogue of a lot beloved mental property. And with the expertise at Amazon and the expertise at MGM Studio, we  can reimagine and develop that IP for the 21st century. Will probably be a whole lot of enjoyable work and individuals who love tales would be the huge beneficiaries.”

Bezos additionally introduced that Andy Jassy, head of fast-growing Amazon Net Providers, will take the CEO reins on July 5 as he segues to the function of government chairman. Bezos was going to step apart someday within the third quarter however there had not been date set.

He spoke throughout a Q&A, taking a handful of shareholder questions, one on MGM. He appeared happy however his feedback — the primary point out of the $8.75 billion deal — got here in the direction of the top of an occasion that lasted greater than an hour and after displays by a number of high degree executives. That’s a mirrored image of the truth that the century-old studio is turning into a small piece of large firm. Content material on Prime Video is one software that’s serving to drive subscribers to Amazon Prime, a motor of the e-commerce large’s progress. Streaming competitors is fierce and in contrast to studio-backed rivals, Prime Video didn’t have an enormous library.

Folks near Amazon have mentioned the corporate will proceed to launch films in theaters. As for one very prized piece of IP, Eon bosses Barbara Broccoli and Michael G. Wilson released a statement saying that they “are dedicated to persevering with to make James Bond movies for the worldwide theatrical viewers.”

In the course of the first a part of the annual assembly, shareholders slammed the corporate, alleging racism, sexism, union busting and privateness violations.

After months and weeks of hypothesis, Amazon and MGM are merging in a deal that has the e-commerce giant acquiring the storied studio for $8.45 billion. Amazon didn’t give a timetable for closing however mentioned the mixture will want regulatory approval.

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