Amazon bought MGM because of its “vast, deep catalogue of much beloved intellectual property,” CEO Jeff Bezos said Wednesday during the company’s annual shareholder meeting.
“And with the talent at MGM and the talent at Amazon Studios, we can reimagine and develop that IP for the 21st century. It will be a lot of fun work, and people who love stories will be the big beneficiaries.”
Bezos’ comments follow those of Mike Hopkins, senior vp of Prime Video and Amazon Studios, who said Wednesday morning after the $8.45 billion deal was announced that “the real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team.”
MGM controls a number of film and TV franchises, including James Bond (co-owned by EON Productions), Rocky/Creed, Vikings, Survivor, Stargate, The Silence of the Lambs, and many others.
Amazon’s purchase of MGM raises a number of questions about how the tech giant will view theatrical distribution, and TV and film production. Bezos’ comments reinforce that MGM’s IP is the centerpiece of the deal.
Bezos also revealed that Andy Jassy will succeed him as CEO of Amazon on July 5.
“We chose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” Bezos said.
Bezos announced that he would step down as CEO and move to new role as executive chairman in February, but at the time the company only said that Jassy would take over in the “third quarter of 2021.”
