Amazon buys MGM studios – level 2
Amazon bought MGM Studios for $8.5 billion. MGM Studios created many famous movies and TV shows, for example Rocky, James Bond, and the famous movie Silence of the Lambs.
With MGM Studios, Amazon wants to be stronger in the very competitive streaming market. Amazon already spent a lot of money and energy on the streaming services for movies and music in 2020.
Last week, HBO and Discovery became one company. It is another big change in the entertainment hierarchy.
Difficult words: competitive (when a lot of companies want to be the best), streaming (when you watch a movie over the Internet), entertainment hierarchy (the businesses that work to sell people things which are fun).
You can watch the original video in the Level 3 section.
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