Amazon reaches agreement to acquire MGM Studios in $8.45bn deal

Amazon has reached a deal to acquire MGM Studios for $8.45 billion, the second largest acquisition ever for the online goliath and one that sees Amazon take up MGM’s vast catalogue of some 4,000 films and blockbuster franchises, including James Bond.

The deal represents a major milestone in the tech giant’s push into the entertainment space, significantly strengthening the company’s portfolio of films and content, adding to the library that Amazon has already built through its own movie studio.

It is the latest acquisition to take place amid the ongoing battle for eyeballs among streaming giants like Netflix,  Disney, and the resultant streaming platform to launch following WarnerMedia’s acquisition of Discovery’s earlier this month. Other tech giants such as Apple and Netflix had reportedly eyes an MGM takeover, but passed on the chance.

The $8.45 billion deal marks the second largest acquisition made by Amazon to date, behind its $13.7 billion Whole Foods deal. It now gives Amazon access to MGM’s vast catalog of classic Hollywood films like Gone With the Wind, The Wizard of Oz, Singin’ in the Rain, Rocky, Silence of the Lambs, and Pink Panther.

MGM also shares the film rights of the James Bond franchise with Eon Productions – a holding company owned by the Wilson/Broccoli family – which will retain creative control over the spy film series.

The announcement notes that the deal will be completed after “regulatory approvals.”

“MGM has a vast catalog with more than 4,000 films. . . that have collectively won more than 180 Academy Awards and 100 Emmys,” said Mike Hopkins, Amazon’s senior vice president of Prime Video and Amazon Studios. “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. 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.”

Amazon’s decision to acquire MGM comes hot on the heels of another major Hollywood tie-up in which AT&T agreed to spin off its media division WarnerMedia and merge it with Discovery in a $43 billion deal. That deal aims to create a global streaming giant to rival the likes of Amazon, Disney and Netflix.

NECA founder Joel Weinshanker takes direct leadership of Rubie’s global business

Costume company Rubies has released the details of a deal that will see the company’s co-owner and managing partner, and founder of NECA, Joel Weinshanker, take over the direct oversight of the entire worldwide Rubie’s business.

In the new position, Weinshanker will look to harness the full power of over 1,000 Rubies employees around the world to maintain the firm’s position as a leader and innovator in the design, manufacture, and distribution of costumes globally.

The Rubie’s boss will rely on his many years of experience as the founder of the National Entertainment Collectibles Association (NECA) – a leader in the licensed consumer products industry – to carry out the role.

Rubie’s is the largest costume designer, manufacturer, and distributor in the United States. Following a  recent asset purchase acquisition in October 2020, Rubie’s is now owned by Joel Weinshanker, funds  managed by Atalaya Capital Management LP, and members of the Beige family, which founded the  company in 1950.

The original Rubie’s Costume Company was founded 70 years ago by Rubin and Tillie Beige in Queens, New York. In addition to costumes for Easter, Mardi Gras, St. Patrick’s Day, Christmas, New Year’s Eve,  bachelorette parties, and more, its assortment of licenses includes Marvel Comics, Star Wars, Jurassic World, Star Trek, DC Comics, Barbie, Disney, Elvis Presley, Stranger Things, and more.

Rubie’s costumes are sold by retail partners across the US, Canada, Mexico, Europe, South America, Asia, and Australia.

Weinshanker’s  leadership at NECA has grown the company into a world-class retailer with permanent sections in Walmart and Target. Rubie’s currently has the capacity to distribute thousands of wholesale and over  100,000 B2C orders each day, and Weinshanker says he ‘looks forward to further enhancing Rubie’s  position as the only truly full-service global Halloween manufacturer and distributor in the world with even more omni-channel retailing capabilities.’

“The future remains bright at Rubie’s. We will continue to be the market leader in the Halloween, Dress Up and Carnival space. There is only once place like home for dress-up and cosplay – Rubie’s,” said  Weinshanker.

Spring Fair 2021 cancelled and replaced with Spring Fair @ Home virtual event

Hyve Group has confirmed that Spring Fair 2021 is cancelled.

In line with the latest UK Government restrictions on the reopening of business conferences and exhibition halls, the show’s organisers have announced that Spring Fair will not be taking place in 2021. The home and gift retail show traditionally takes up a February slot, but has been cancelled due to the ongoing pandemic crisis.

The next planned home, gift and fashion retail event will be Autumn Fair, together with Moda, at the NEC Birmingham on 5th-8th September 2021, while Spring Fair will return as an in-person event, 6th-10th February 2022.

Hyve and the team behind Spring Fair, JWF, Glee at Spring Fair and Moda are now working to deliver an enhanced virtual forum with product features and exclusive seminar content designed to educate and inform participants.

More information on Spring Fair @Home will be available on the Spring Fair website, while Fashion Together can be found on the Moda website in due course.

Julie Driscoll, managing director, UK Retail, said: “While it is regrettable that we won’t be able to meet in person at Spring Fair and Moda in February due to the new UK government rules, we are incredibly excited to host Spring Fair @Home and Fashion Together.

“Following the success of this year’s virtual forums, we’re looking forward to providing our clients and customers another touchpoint to be inspired and stay connected with the retail industry.”

Ian Taylor, managing director, NEC Group Conventions and Exhibitions, added: “We’re saddened to not be welcoming the retail community to the NEC for Spring Fair in February 2021, but are pleased to hear that retail professionals and suppliers will still have an opportunity to connect with each other in early 2021, albeit in a virtual environment with Spring Fair @Home.

“We look forward to welcoming everyone back to the NEC in person for Autumn Fair and Moda in September 2021, with Spring Fair itself returning in February 2022.”

Spring Fair continues to provide exclusive webinars, industry news and product updates that keeps the home and gift retail community informed, connected and inspired on The Community hub.