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Amazon to buy MGM, studio behind James Bond and 'Shark Tank'

BY , May 26, 2021 3:38 PM - REPORT AN ERROR

FILE - In this April 16, 2020, file photo, the Amazon logo is displayed in Douai, northern France.(AP Photo/Michel Spingler, File)

Amazon is going Hollywood. The online shopping giant is buying MGM, the movie and TV studio behind James Bond, ``Legally Blonde'' and ``Shark Tank,'' with the hopes of filling its video streaming service with more stuff to watch.

Amazon is paying $8.45 billion for MGM, making it the company's second-largest acquisition after buying grocer Whole Foods for nearly $14 billion in 2017.

The deal is the latest in the media industry that's aimed at boosting streaming services to compete against Netflix and Disney+.

AT&T and Discovery announced last week that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO.

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