Amazon said Wednesday it is buying Metro-Goldwyn-Mayer in a deal valued at $8.45 billion, giving the e-commerce giant access to the famed studio’s extensive library of movies and TV shows, including film franchises such as “Rocky” and “James Bond.” 

The deal is Amazon’s biggest purchase since acquiring grocery chain Whole Foods for $13.7 billion in 2017. It also ups the competition in the rapidly emerging video-streaming landscape, with Amazon taking on Apple, Disney, Hulu, Netflix and other companies. 

Buying MGM may give the company founded by Jeff Bezos the boost in premium content it needs to become the No.1 platform in digital streaming. With over 150 million subscribers, Amazon Prime Video ranks second only behind Netflix, which has just over 200 million subscribers. 

MGM brings almost a century’s worth of classic movies and award-winning content to Prime, including acclaimed series “The Handmaid’s Tale” and popular reality shows like the “Real Housewives” franchise.

The deal is the latest in the media industry that’s aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced on May 17 that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO.

Amazon doesn’t say how many people watch its Prime Video service. But more than 200 million have access to it because they’re signed up for its Prime membership, which gives them faster shipping and other perks. Besides Prime Video, Amazon also has a free streaming service called IMDb TV, where Amazon makes money by playing ads during movies and shows.