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James Bond meets Amazon in $8.5B merger to rival streaming giants

Published

2 years ago

March 18, 2022

Brittany Coles

James Bond is merging with online retail, Amazon has closed its $8.5 billion dollar deal to buy MGM

The online retailing giant is looking to draw consumers through its streaming service.

Its decision to close comes after a deadline passed for the U.S. Federal Trade Commission to challenge the deal

Amazon announced the transaction back in May last year, and Nearly a year later, Amazon is clear of regulatory hurdles

Amazon says it closed the $8.5 billion acquisition of film studio MGM after regulators declined to challenge the deal, cementing the company’s biggest takeover in five years https://t.co/RAitYH2jtB pic.twitter.com/w2iY4t1XhR
— Bloomberg (@business) March 17, 2022

“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,”
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”
Mike Hopkins, senior VP of Prime Video and Amazon Studios

MGM will boost Amazon Prime Video’s offering with more than 4,000 film titles

Amazon hopes its impressive movie titles and long list of television shows may help Prime compete with streaming rivals Netflix and Disney plus.

There is no word on layoffs Amazon stating it would welcome all MGM employees to the company and work with the studio’s leadership

According to an Amazon rep, with the deal closed, MGM’s management team is joining the group headed by Mike Hopkins, senior VP of Prime Video and Amazon Studios. That includes film chief Michael De Luca and television group head Mark Burnett.

“MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”
Chris Brearton, chief operating officer of MGM.

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Adidas faces potential $320M Yeezy shoe write-off post-Kanye split

Published

1 month ago

November 9, 2023

ticker NEWS

Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.

The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.

The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.

However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.

The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.

Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.

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Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’

Published

1 month ago

November 9, 2023

ticker NEWS

Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.

The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.

Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.

The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.

The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.

This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.

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MrBeast’s monumental 100 African wells sparks controversy

Published

1 month ago

November 9, 2023

ticker NEWS

Philanthropic YouTuber MrBeast, known for his outlandish and extravagant charity stunts, recently financed the construction of 100 wells in Africa, providing clean drinking water to thousands of people.

While the philanthropic gesture is commendable on the surface, it has ignited a wave of controversy and criticism from various quarters.

Critics argue that MrBeast’s approach, although well-intentioned, might not be the most sustainable solution to Africa’s water crisis.

They question the long-term viability of these wells, raising concerns about maintenance and local ownership. Some have even labelled it as a publicity stunt, arguing that it merely scratches the surface of a much deeper issue.

On the other hand, MrBeast’s supporters laud his efforts in raising awareness and mobilising his enormous following to contribute to a worthy cause. They argue that any effort to alleviate the water crisis is a step in the right direction.

In the end, whether MrBeast’s 100 wells in Africa are a game-changing philanthropic success or a mere spectacle remains a subject of intense social debate.