US online retailer Amazon has completed a multi-billion dollar purchase of Hollywood movie studio Metro-Goldwyn-Mayer (MGM). The company said 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 had approved the acquisition deal agreed in June 2021 for $8.45 billion (currently €7.7 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. It’s Amazon’s second largest acquisition to date, after the acquisition of Whole Foods supermarket chain. Above all, the online giant wants to upgrade its streaming division, which competes with Netflix and Disney+, among others.
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