Amazon buys MGM Studios to bolster streaming offerings

NEW YORK (AP) – You could say MGM Studios used to be the Amazon of Hollywood – renowned for hits like “The Wizard of Oz” and “Gone With the Wind” – and its sprawling California movie lot.

It doesn’t own those assets anymore. But Amazon still thinks it has enough value to be a good acquisition.

The retail giant has bought MGM to bolster its streaming offerings. The purchase price: $8.45 billion.

Though it has sold off its legacy titles and backlot, MGM still holds the James Bond movies, “Legally Blonde” and “Shark Tank” a well as characters like Rocky, RoboCop and Pink Panther.

Amazon says it hopes to build new movies and TV shows around those figures.