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  /  Latest News   /  Amazon Agrees to Buy MGM for $8.45 billion yet Faced by Criticism
Amazon

Amazon Agrees to Buy MGM for $8.45 billion yet Faced by Criticism

Will this Amazon-MGM deal be fruitful for Amazon?

Amazon reported that it has consented to buy MGM’s (Metro Goldwyn Mayer) entire backlog of content material relationships to help practically a century for $8.45 billion. Its agenda is that MGM has more than 4,000 motion photos and 17,000 hours of television uncovers and with it, Amazon desires to fortify its generally state-of-the-art on-put apart to make a difference to video contributions.

According to Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, “The loyal monetary fee unhurried this deal is the like trove of IP in the deep catalog that we think to reimagine and create together with MGM’s proficient workforce. It’s very exciting and affords so many opportunities for excessive-quality storytelling.”

This collaboration supports Amazon Prime Video, which rivals Netflix and others in the fast-advancing business sector, for certain 4,000 movies – including the James Bond franchise and 17,000 TV programs.

This partnership is because Amazon is experiencing an increasing growth in online retail and cloud computing, while at the same time making a drive into entertainment as more buyers want streaming media.

“We’re really excited about MGM,” Amazon founder Jeff Bezos told shareholders at an annual meeting where he declared he would surrender the CEO work on July 5 to Andy Jassy, while he takes the title of executive chairman.

Nonetheless, while this deal seems promising, there has been criticism too. Criticisms in the form of memes and jokes flooded Twitter and other social media sites. The advancements in regards to the acquisition and Mr Bezos’ takeoff have brought about some memes on the web.

For example, industrialist Anand Mahindra had a James Bond-roused take on the news. He expressed, “The name’s Bezos. James Bezos… (With statements of apologies to Ian Fleming and Jeff Bezos).” British essayist Ian Fleming is the brain behind James Bond.

Some even contemplated whether Amazon head has some acting ambitions. One user said that Mr. Bezos simply needed to be a Bond villain.

Nonetheless, while this deal seems promising, there has been criticism too. Criticisms in the form of memes and jokes flooded Twitter and other social media sites. The advancements in regards to the acquisition and Mr Bezos’ takeoff have brought about some memes on the web.

For example, industrialist Anand Mahindra had a James Bond-roused take on the news. He expressed, “The name’s Bezos. James Bezos… (With statements of apologies to Ian Fleming and Jeff Bezos).” British essayist Ian Fleming is the brain behind James Bond.

Some even contemplated whether Amazon head has some acting ambitions. One user said that Mr. Bezos simply needed to be a Bond villain.

The Amazon-MGM partnership could meanwhile increase scrutiny for Amazon, one of the Big Tech firms acquiring exceptional economic power as of late and in the focus of antitrust enforcers throughout the planet. Amazon was sued recently by US capital city Washington for purportedly abusing its power of online retail.

Pundits of tech firms in Washington slammed the MGM partnership as the most recent illustration of how the business’ greatest players eat up organizations to extend their reach, even as they face a whirlwind of antitrust claims and moves by lawmakers to rein them in.

Amazon and its tech peers have purchased many organizations somewhat recently, none of which has been halted by antitrust masters. Their purchasing binge has set off criticism that antitrust cops aren’t being aggressive enough to challenge the organizations. It’s additionally fueling calls for new legislation that would reconsider antitrust laws.

With so much criticism around, this deal can change how Amazon will compete with Netflix and emerge as a leader in yet another industry segment.