Amazon closes MGM acquisition
Amazon on Thursday announced it has completed its $8.45 billion purchase of MGM, massively expanding the e-commerce giant’s streaming media collection.
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers,” Amazon senior vice president Mike Hopkins said in a statement.
The acquisition, which was announced nearly a year ago, immediately drew more antitrust scrutiny to Amazon.
Multiple outlets reported the Federal Trade Commission was considering a challenge to the deal, but an official probe has not materialized despite lawmaker calls for an investigation.
The European Union’s antitrust regulator greenlighted the acquisition this month, saying it would raise no competition concerns given that the “overlaps” between the two companies are “limited.”
The deal for the entertainment studio is the second largest in Amazon’s history, behind its $13.7 billion acquisition of Whole Foods in 2017.
With MGM in the fold, Prime Video will be able to boast classics like the James Bond and Rocky franchises alongside its already extensive collection.
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