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Title : Amazon.com finalizes $ 8.5 billion deal to buy MGM Movie Studio
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Amazon.com finalizes $ 8.5 billion deal to buy MGM Movie Studio

Amazon.com Inc on Thursday said it had concluded a $ 8.5 billion deal to buy MGM, and in a bid to impress consumers with its streaming video, linked the mythical filmmaker behind “Rocky” and James Bond to online retailer James Bond.

In a statement, Amazon said it welcomes all MGM employees to the company and will work with the studio’s leadership, noting that there will be no layoffs. Its decision to close the deal comes after the U.S. Federal Trade Commission passed a deadline to challenge the deal.

Seattle-based retailer announced the transaction in May 2021, with MGM delivering customer-friendly content to its fastest shipping and streaming club Prime, which costs $ 14.99 per month in the United States.

Nearly a year later, Amazon is clear from regulatory restrictions. The European Commission approved the agreement unconditionally on Tuesday. Similarly, Amazon previously said it had “substantially agreed” to requests for information about the deal with the FTC.

According to Amazon, MGM’s employees will join Mike Hopkins, the senior vice president of prime video and Amazon studio.

MGM is upgrading Amazon Prime Video’s over 4,000 movie titles and a long list of TV shows that could compete with this year’s Oscar-nominated “Licorice Pizza” and Amazon streaming rivals Netflix and Disney +.

Hopkins hailed MGM as “the vast slate of original films and television shows.”

“We welcome MGM staff, creators and talent to Prime Video and Amazon Studios, and look forward to working together,” he said in a statement.

An FTC spokesman declined to comment on the transaction, but said it could challenge the deal “if it decides it violates the law” after concluding the deal. read more: Shark Tank fame Ashnir Grover says buy ‘knife’ on Paytm stock; Netizens respond with funny memes

The FTC has opened a wide-ranging investigation into Amazon as part of a government no-confidence motion launched under four major technology platforms, including Facebook and Google, under the Trump administration. read more: Holy Party at Metawares: Tata Tea hosts the festival event in the virtual world

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