The New York Times and CNBC have confirmed that Amazon has purchased MGM Studios for $8.45 billion. The acquisition will provide a definite boost to Amazon’s already robust streaming service, Amazon Prime.

While MGM no longer owns many of its classic films, the company brings with it the “James Bond” spy franchise and an abundance of popular films, including the “Rocky” franchise, “Silence of the Lambs” and “The Magnificent Seven.” MGM also counts Epix cable channel in its coffers, which presents thousands of popular TV shows, including “Fargo,” “The Handmaid’s Tale,” “Vikings” and “Shark Tank.”

The Amazon and MGM merger is just the latest business update among streaming giants. Earlier this month, WarnerMedia and Discovery announced a merger, which will place both Discovery+ and HBOMax under one umbrella.