Amazon announced on Thursday that it has closed its acquisition of Hollywood studio MGM, two days after European regulators said the deal “will not reduce competition” in European markets.
The retail giant announced a deal worth $8.5 billion in May, making it the company’s second-largest acquisition since its $13.7 billion deal with Whole Foods in 2017. The latest acquisition was intended to boost Amazon’s streaming services to compete against Netflix and Disney.
wall street journal Earlier this month Amazon certified to the Federal Trade Commission that it provided information sought by antitrust investigators about the deal, asking it to close the purchase if the commission does not file a legal challenge before the mid-March deadline. can be free.
One of the oldest studios in Hollywood, MGM has been through bankruptcy and a new set of owners over the past decade, while its new releases have dwindled.
Amazon praised the deal in a blog post on Thursday, saying that MGM has more than 4,000 movie titles, 17,000 TV episodes and awards that “complement Prime Video and Amazon Studios’ work in offering customers a diverse array of entertainment options.” Will be.”
Amazon plans to draw on the vast MGM library with well-known characters like Rocky, Robocop and the Pink Panther to create new movies and shows.
“We are excited for our incredible team and creative partners to join MGM and its iconic brands, legendary movies and television series, and the Prime Video family,” said Chris Brereton, MGM’s Chief Operating Officer, in a statement.
The latest acquisition comes as antitrust regulators scrutinize Amazon for its broad practices and operations. Last week, House lawmakers asked the Justice Department to investigate whether the tech giant and senior officials obstructed Congress or violated other federal laws.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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