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Amazon announced Wednesday that it would purchase movie studio MGM for $8.45 billion, Business Wire reported..

The purchase gives Amazon access to MGM's trove of 4,000 films and 17,000 TV shows, including classic franchises such as James Bond and Rocky, at it seeks to expand its entertainment division.

MGM Chairman Kevin Ulrich said: “The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”

“The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

“It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day,” said Kevin Ulrich, Chairman of the Board of Directors of MGM. “I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination.”

The deal is the second largest purchase Amazon has made. In 2017, Amazon bought Whole Foods for $13.7 billion.