Amazon and MGM have officially announced plans for a merge are underway. Since last week, the merger has been rumored, but the companies now confirm that Amazon will acquire MGM, the studio behind the James Bond film franchise, for $8.45 billion. MGM is a nearly 100-year-old studio with an extensive back catalog of films to match its age. Amazon likely hopes that the company’s film catalog will help bolster its streaming presence as its original programming has been focused on producing television shows like The Boys, Invincible, Lord of the Rings, and The Wheel of Time. Amazon says it plans to “preserve MGM’s heritage and catalog of films” while making the catalog easier to access.

MGM Studios’ biggest franchises include the James Bond series, the Rocky saga, and Pink Panther. This merger follows news that WarnerMedia will spin-off of AT&T to merge with Discovery and could only be the start of a new round of corporate combining in the entertainment industry as mid-size companies seek to compete with behemoths like Disney and Netflix.

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