Amazon finally owns MGM (Metro-Goldwyn-Mayer Studios Inc.). The giant e-commerce announced on Thursday, Mar. 17, that it was able to close the $8.5 billion acquisition.
This latest deal between the two companies was already announced back in May 2021. However, Amazon still needed to pave its way through the regulatory processes so that the deal would be approved.
Now, the e-commerce giant's efforts paid off after its MGM acquisition became successful.
Amazon Now Owns MGM!
According to The Verge's latest report, owning the iconic film studio will greatly help Amazon enhance its popular streaming platform, Prime Video.
The retailer explained that the Metro-Goldwyn-Mayer Studios Inc. would be a great help when it comes to offering diverse entertainment choices to customers.
Variety reported that MGM is a nearly century-old studio, with more than 17,000 TV episodes, 4,000 film titles, 100 Emmy Awards, and 180 Academy Awards.
With these achievements, there's no doubt that MGM's expertise will be a great help for Amazon's Prime Video.
"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," said Amazon.
Will There Be Any Competition Issue?
For the past years, the Federal Trade Commission has been vocal regarding the activities of Amazon that can disrupt market competitions. But, it seems like FTC is quiet regarding the latest deal between the film studio and Amazon.
Before the acquisition became successful, many critics believed that FTC would actually challenge the deal between the two companies. But, Amazon said that it had already provided the needed information to FTC.
Meanwhile, the European Union's antitrust commission also approved the MGM purchase of Amazon, saying that they don't see any competition issue in the latest acquisition.
In other news, Amazon Prime was recently accused of luring consumers. Meanwhile, the first Amazon Whole Foods cashierless store finally opened.
For more news updates about Amazon and its upcoming activities, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
