Amazon.com closes deal to purchase MGM film studio

Amazon.com Inc on Thursday mentioned it had closed its $8.5 billion deal to purchase MGM, combining the fabled film maker behind “Rocky” and “James Bond” with the web retailing large because it appears to be like to attract shoppers by means of extra streaming video.

In a press release, Amazon mentioned it could welcome all MGM staff to the corporate and work with the studio’s management, indicating there wouldn’t be layoffs. Its determination to shut comes after a deadline handed for the U.S. Federal Trade Commission to problem the deal.

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The Seattle-based retailer introduced the transaction in May 2021, saying MGM supplied a trove of content material to attract shoppers to its fast-shipping and streaming membership Prime, which prices $14.99 per thirty days within the United States.

Nearly a yr later, Amazon is evident of regulatory hurdles. The European Commission authorized the deal Tuesday, with no circumstances. Likewise, Amazon earlier knowledgeable the FTC that it had “substantially complied” with requests for details about the deal.
The FTC declined remark.

According to Amazon, MGM’s employees will be a part of the group of Mike Hopkins, senior vice chairman of Prime Video and Amazon Studios.
MGM bolsters Amazon Prime Video’s providing with greater than 4,000 movie titles, in addition to this yr’s Oscar-nominated “Licorice Pizza” and an extended listing of tv exhibits that will assist Amazon compete with streaming rivals Netflix and Disney+.

Hopkins praised MGM’s “broad slate of original films and television shows.”

“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,” he mentioned in a press release.

The FTC has a broader probe open into Amazon as a part of authorities antitrust investigations begun below the Trump administration into the 4 large tech platforms, together with Facebook and Google