In a big boost to its streaming business Amazon buys Hollywood studio MGM for $8.45 billion

The takeover will bring at Amazon's disposal a vast library of classic films and shows such as the James Bond franchise, The Handmaid's Tale, and Legally Blonde, to take its ambition a step further in the streaming business, said reports.

MGM, recognised by its roaring Leo the Lion logo, has over 4,000 films and 17,000 television shows in its library, said reports.

This will help Amazon to get an edge over major rivals like Netflix and Disney.

"It's very exciting and provides so many opportunities for high-quality storytelling," Mike Hopkins, senior vice president of Prime Video and Amazon Studios said about the deal, according to a BBC report.

"The real financial value behind this deal is the treasure trove of Intellectual Property in the deep catalogue that we plan to re-imagine and develop together with MGM's talented team," he added.

“MGM has a vast, deep catalogue of much-beloved intellectual property. With the talented people at MGM and the talented people at Amazon Studios, we can reimagine and develop that IP for the 21st century,”  said Amazon's founder Heff Bezos reacting to the deal.

The deal wouldn't affect the release of James Bond, the upcoming release of No Time to Die in cinemas, according to Variety magazine, the report.

MGM holding, the parent company of MGM Studios was looking for a buyer since 2020, the report said.

Amazon said in a statement that the deal would allow the MGM, founded in 1924, "to continue to do what they do best: great storytelling."