Amazon's $8.5 billion blockbuster deal with MGM is about to shake up the streaming wars

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After weeks of rumors, Amazon finally laid its goldfinger on MGM in a deal worth $8.5 billion. It's Amazon's second-largest acquisition after Whole Foods and the first time a tech company has bought a major legacy media firm.

Leo the Lion's roar has a big echo

MGM's iconic mascot reflects the movie studio's blockbuster content catalog-featuring franchises such as Legally Blonde, James Bond, Rocky, and Creed-that could soon port over to Amazon Prime Video.

• Amazon will get a leg up at the Emmys too, and not just because MGM houses The Handmaid's Tale, Fargo, and Vikings, but also because it's a studio capable of churning out more prestige TV.

However...while quarantined viewers proved they're willing to sign up for multiple streaming services (Disney+, Discovery+, and Paramount+ all reported impressive growth numbers) they'll all soon compete with social calendars filled with more events than "4:30-Stare into the abyss."

Zoom out: The streaming wars are still heating up, especially when it comes to strategic M&A (earlier this month, AT&T said it'll merge WarnerMedia and Discovery). MGM could make Amazon Prime Video more than the streaming service you forgot you're subscribed to.

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