Amazon Closes $8.5-Billion Deal to Acquire Hollywood Studio MGM

Amazon introduced Thursday it has closed its acquisition of Hollywood studio MGM, two days after European regulators mentioned the deal “would not significantly reduce competition” in European markets.

The retail large had introduced the $8.5 billion (roughly Rs. 64,719 crore) deal in Could, making it the corporate’s second-largest acquisition following its $13.7 billion (roughly Rs. 104311.8 crore) cope with Complete Meals in 2017. The most recent acquisition was aimed toward boosting Amazon’s streaming providers to compete towards Netflix and Disney+.

The Wall Avenue Journal reported earlier this month Amazon licensed to the Federal Commerce Fee it offered data sought by antitrust investigators concerning the deal, including it might be free to shut the acquisition if the fee does not file a authorized problem earlier than a mid-March deadline.

One of many oldest studios in Hollywood, MGM has been via chapter and new units of homeowners previously decade whereas its new releases dwindled.

Amazon praised the deal in a weblog submit Thursday, saying MGM has greater than 4,000 movie titles, 17,000 TV episodes and awards that “will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers.”

Amazon plans to draw on the huge MGM library, with well-known characters equivalent to Rocky, RoboCop and Pink Panther, to create new motion pictures and exhibits.

“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” MGM’s Chief Working Officer Chris Brearton mentioned in an announcement.

The most recent acquisition comes as antitrust regulators scrutinize Amazon for its broader practices and operations. Final week, Home lawmakers requested the Justice Division to examine whether or not the tech large and senior executives obstructed Congress or violated different federal legal guidelines in testimony on its competitors practices.

© Thomson Reuters 2022

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