By CBSLA Staff

BEVERLY HILLS (CBSLA) — Amazon announced it has reached an agreement to acquire MGM and its extensive library of movies and TV shows for $8.45 billion.

The deal has been in the works for the last few weeks, but the agreement was made public Wednesday. The deal is still subject to regulatory approval.

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Amazon said MGM’s nearly 100 years of filmmaking complements the work of its in-house studio and will allow it to preserve a more than 4,000-film catalog that includes “12 Angry Men,” “Basic Instinct,” “Creed,” “Moonstruck,” “Robocop,” “Thelma and Louise,” and franchises like “James Bond,” “Rocky” and “Silence of the Lambs.” MGM’s catalog also includes a library of 17,000 TV shows such as “The Handmaid’s Tale,” “Fargo,” and “Vikings.”

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

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MGM, which is preparing to release films such as “House of Gucci,” “No Time to Die,” “The Addams Family 2,” and an untitled Paul Thomas Anderson film, has won more than 180 Academy Awards and 100 Emmys.