Amazon buys Hollywood legend MGM for $8.5bn

In today's consolidation-and-blandification-of-media news, Amazon will buy film studio MGM for $8.5bn. In other news, the studio behind many of the 20th century's greatest movies is worth about four Star Warses.

The tech company already runs a film studio, Prime Video streaming service, and video game streaming site Twitch. But the MGM deal is its biggest move into entertainment. Amazon will get the rights to the Golden Age studio's film and television library. The announcement was made Wednesday morning by the two companies. In a statement, Amazon's senior vice president of Prime Video and Amazon Studios, Mike Hopkins, emphasized the intellectual property value of MGM's vast holdings, which go back to the 1920s. "The real financial value behind this deal," Hopkins said, "is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM's talented team."