Amazon finalised its acquisition of Hollywood studio MGM, soon after European regulators stated that the deal would not reduce competition in the European markets. Amazon had announced a USD 8.5 billion deal by making its company the second-largest acquisition succeeding a USD 13.7 billion deal with Whole Foods in 2017.
The recent acquisition was to increase Amazon's streaming service to tussle against Disney and Netflix. According to media reports, Amazon is certified to the Federal Trade Commission and provided information that was sought by antitrust investigators with respect to the deal and also added that it could be free to close the purchase if the commission does not file a legal challenge by mid-March as the deadline.
Metro-Goldwyn-Mayer was through bankruptcy. Amazon praised the deal through a post stating that MGM has more than 17,000 TV episodes, 4,000 film titles and awards that would complement Amazon studios and Prime video that work in delivering a diverse offering of entertainment options to customers. It plans to draw on the MGM library with famous characters like Pink Panther to create new shows and movies.
MGM's chief operating officer Chris Brearton said in a statement, MGM is excited for this new acquisition of its iconic brands, television series and legendary films. The acquisition came in after antitrust regulators scrutinized Amazon for its operations and practices.
