Amazon has closed a $ 8.5 billion deal to buy Hollywood Studio MGM

Amazon announced on Thursday that it had closed down the purchase of the MGM studio in Hollywood, two days after European regulators said the agreement “would not significantly reduce competition” in European markets.

The retail giant announced a $ 8.5 trillion (about $ 64.719 billion) deal in May, making it the company’s second-largest acquisition in 2017 after a $ 13.7 trillion ($ 104,311.8 million) deal with Whole Foods. The final purchase was the goal. Compete against Netflix and Disney + to promote Amazon’s streaming services.

The Wall Street Journal reported earlier this month that Amazon had provided the Federal Trade Commission with information requested by investigators against competitors against the agreement, adding that it could be free to close the purchase if the commission does not file a lawsuit before mid-March. epemuga.

One of the oldest studios in Hollywood, MGM has been facing bankruptcy and new sets of owners for the past decade, while its new releases have dwindled.

Amazon praised the deal on a blog post on Thursday, saying MGM has more than 4,000 movie titles, 17,000 TV series and awards, “which will complement the work of Prime Video and Amazon Studios to provide a wide range of entertainment opportunities for customers.”

Amazon wants to use the extensive MGM library with celebrities like Rocky, RoboCop and Pink Panther to create new movies and shows.

“We are excited to join MGM and its flagship brands, legendary films and TV series, and to join our awesome team and creative partner Prime Video,” said Chris Brearton, MGM’s Chief Operating Officer, in a statement.

The final purchase was made while anti-competitive regulators are reviewing Amazon for its broader practices and operations. Last week, members of the House of Representatives called on the Justice Department to investigate the technology giant and top officials interfered with Congress or violated other federal laws in testimony about its competitive practices.

© Thomson Reuters 2022

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