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Amazon to acquire MGM Studios for $8.5 billion

Amazon announced Wednesday it reached a deal to acquire MGM Studios for $8.45 billion, including debt. MGM is the home to several blockbuster franchises, including James Bond.

Why it matters: The deal — Amazon's second-largest acquisition ever, behind the $13.7 billion Whole Foods deal — marks a major milestone in the tech sector's push into entertainment.

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