Amazon buys MGM for $8.45 billion

Amazon announced Wednesday that the company has reached a deal to buy MGM Holdings for $8.45 billion.

The deal is Amazon's second biggest, following the company's $13.7 billion purchase of the Whole Foods grocery chain in 2017.

"The real financial value behind this deal is the treasure trove of [intellectual property] in the deep catalog that we plan to reimagine and develop together with MGM's talented team," said Mike Hopkins, head of Prime Video and Amazon Studios Mike Hopkins, according to CNN. 

Some of those brands include James Bond and Rocky.