Amazon says MGM studios buyout is complete
Amazon says MGM studios buyout is complete
Amazon has closed its $8.45 billion deal to buy the storied MGM studios, the online giant said Thursday, boosting its streaming ambitions with a catalog including the James Bond and Rocky film franchises.
Amazon's dominance in online retailing has drawn anti-monopoly scrutiny, but this buyout won approval from EU authorities days ago while American regulators have not blocked the agreement originally announced in May.
The deal bolsters Amazon Prime Video with some 4,000 films and 17,000 television episodes as it faces off with the likes of Netflix and Disney in a booming market.
"Amazon and MGM announced that MGM has joined Prime Video and Amazon Studios," the companies said in a joint statement.
The European Commission, which rules on competition issues in the EU, said in a statement Tuesday that the proposed transaction would raise "no competition concerns" and "cleared the case unconditionally."
According to reports, the US Federal Trade Commission faced a mid-March deadline of its own for making a decision on whether to approve the takeover.
The FTC declined to comment on the deal.
In the deal for Metro Goldwyn Mayer, which has been through a series of ownership changes and bankruptcy in recent years, Amazon acquires an iconic Hollywood name.
In addition to the James Bond franchise, MGM owns the rights to film productions including "Rocky," "Legally Blonde" and "Tomb Raider", and television shows such as "The Handmaid's Tale" and "The Real Housewives Of Beverly Hills."
T.Bennett--TNT
Featured