Amazon Closes $8.5 Billion Deal to Acquire Hollywood Studio MGM | lifestyles

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Associated Press

Amazon announced Thursday it has completed its acquisition of Hollywood studio MGM, two days after European regulators said the deal “would not materially reduce competition” in European markets.

The retail giant announced the $8.5 billion deal in May, making it the company’s second-largest acquisition after its $13.7 billion deal with Whole Foods in 2017 Strengthen Amazon’s streaming services to compete against Netflix and Disney+.

The Wall Street Journal reported earlier this month that Amazon had certified to the Federal Trade Commission that it had provided information requested by antitrust officials regarding the deal, adding that it could be free to complete the purchase if the commission doesn’t before mid-week March filing a legal challenge deadline.

MGM, one of Hollywood’s oldest studios, has endured bankruptcy and new owners over the past decade while its releases have dwindled.

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Amazon praised the deal in a blog post Thursday, saying MGM has more than 4,000 movie titles, 17,000 TV episodes and awards that “will complement the work of Prime Video and Amazon Studios in providing customers with a diverse range of entertainment options.”

Amazon plans to draw on MGM’s massive library of famous characters like Rocky, RoboCop, and Pink Panther to create new movies and shows.

“We are thrilled to have MGM and its wealth of iconic brands, iconic films and television series, as well as our incredible team and creative partners, join the Prime Video family,” said Chris Brearton, MGM’s chief operating officer, in a statement.

The latest acquisition comes as antitrust authorities scrutinize Amazon for its broader practices and operations. Last week, House lawmakers asked the Justice Department to investigate whether the tech giant and senior executives obstructed Congress or broke other federal laws to testify to its competitive practices.

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