Briefing

Jeff Bezos to step down as CEO July 5, as Amazon clinches deal to buy MGM

The company’s last days as a founder-led company were expected in the third quarter of this year, and Bezos firmed up the date at the company’s annual shareholder meeting on Wednesday. Amazon also announced an agreement to buy Metro Goldwyn Mayer for US$8.45 billion. (CNBC)

Briefing

Jeff Bezos to step down as CEO July 5, as Amazon clinches deal to buy MGM

By Anita Balakrishnan

May 26, 2021

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Talking point: Acquiring MGM will give Amazon a portfolio of 17,000 TV shows and over 4,000 films, including the Rocky and James Bond franchises. The deal is more evidence that Amazon is dedicated to its online services outside of retail—fitting for the leadership of cloud computing expert and new Amazon CEO Andy Jassy, who has grown Amazon Web Services into a giant in its own right. But Amazon’s media ambitions were also seen by some as a passion project for Bezos, who also owns The Washington Post. Amazon’s leadership change comes amid mounting scrutiny of its business practices, although shareholders on Wednesday struck down 11 outsider proposals on issues ranging from plastic-waste to pay-parity disclosures.

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