Online retailer Amazon has completed its multi-billion dollar acquisition of Hollywood movie studio Metro-Goldwyn-Mayer (MGM).
The company announced Thursday that the acquisition will boost Amazon’s streaming business with more than 4,000 movies — including classics from the groundbreaking “James Bond” and “Rocky” series — as well as several TV series.
It had previously ended a period during which the US competition regulator, the FTC, could challenge the deal. EU antitrust authorities approved the acquisition deal agreed in June 2021 for $8.45 billion (currently €7.6 billion) on Tuesday without conditions. In theory, the FTC can still object after the deadline. However, this is now considered less likely.
MGM is nearly 100 years old and is one of the most traditional movie studios – famous for its lion mascot, which roars in the opening credits of many Hollywood movies. For Amazon, it is the second largest acquisition to date after the acquisition of the Whole Foods supermarket chain. Above all, the online giant wants to upgrade its streaming division, which competes with Netflix and Disney+, among others.
Amazon shares rose 2.70 percent to $3,144.78 in the Nasdaq business.
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Seattle (dpa-AFX)
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Sylvia Plath writes for Social Post News, covering news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on clear, reliable reporting and useful information, helping readers stay informed about current events, emerging trends, and stories that matter.
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