Amazon CEO Jeff Bezos claimed Wednesday that the cause the tech giant plans to get MGM is basic: its trove of beloved content material.

“If you observed this morning’s announcement, we are searching forward to welcoming MGM to the Amazon fold,” Bezos explained to shareholders at the company’s beforehand scheduled once-a-year meeting.

“We are truly energized about MGM,” the founder and outgoing CEO said, touting the studio’s library of extra than 4,000 films and 17,000 Tv reveals.

“The acquisition thesis here is actually really very simple. MGM has a wide, deep catalog of significantly beloved mental property. And with the expertise at Amazon and the talent at MGM Studio, we can reimagine and develop that IP for the 21st century. It will be a ton of fun function and individuals who enjoy stories will be the major beneficiaries.”

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Bezos also introduced that Andy Jassy, head of quickly-growing Amazon Net Services, will get the CEO reins July 5 as Bezos segues to the purpose of govt chairman. The Amazon founder was heading to move aside someday in the 3rd quarter but a day had not been established.

Bezos spoke currently all through a Q&A, taking a handful of shareholder queries, a person on MGM. He appeared delighted, but his reviews — the first point out of the $8.75 billion offer — arrived toward the conclude of an event that lasted extra than an hour and soon after presentations by several leading-level executives. That’s a reflection of the simple fact that the century-old studio is getting to be a tiny piece of a large business. Content material on Prime Online video is a single device that is serving to travel subscribers to Amazon Key, a motor of the e-commerce giant’s expansion. Streaming competitors is intense and in contrast to studio-backed rivals, Prime Video clip did not have a big library.

Folks near to Amazon have mentioned the enterprise will keep on to launch movies in theaters. As for a person incredibly prized piece of IP, Eon bosses Barbara Broccoli and Michael G. Wilson introduced a statement expressing that they “are committed to continuing to make James Bond movies for the throughout the world theatrical viewers.”

Through the 1st section of the annual assembly, shareholders slammed the corporation, alleging racism, sexism, union busting and privacy violations.

After months and months of speculation, Amazon and MGM are merging in a deal that has the e-commerce big acquiring the storied studio for $8.45 billion. Amazon did not give a timetable for closing but said the mixture will will need regulatory acceptance.

Lawmakers Grouse About Amazon-MGM Offer, But The Govt Would Have A Tough Time Halting It