An Amazon logo appears on an Amazon delivery van, on Oct. 1, 2020, in Boston. Amazon announced Thursday, March 17, 2022 it has closed its acquisition of Hollywood studio MGM two days after European regulators said the deal “would not significantly reduce competition” in European markets. MGM is one of the oldest studios in Hollywood. (AP Photo/Steven Senne, File)
Amazon announced Thursday it has closed its acquisition of Hollywood studio MGM, two days after European regulators said the deal “would not significantly reduce competition” in European markets.
The retail giant had announced the $8.5 billion deal in May, making it the company’s second-largest acquisition following its $13.7 billion deal with Whole Foods in 2017. The latest acquisition was aimed at boosting Amazon's streaming services to compete against Netflix and Disney+.
The Wall Street Journal reported earlier this month Amazon certified to the Federal Trade Commission it provided information sought by antitrust investigators regarding the deal, adding it could be free to close the purchase if the commission doesn’t file a legal challenge before a mid-March deadline.
One of the oldest studios in Hollywood, MGM has been through bankruptcy and new sets of owners in the past decade while its new releases dwindled.
Amazon praised the deal in a blog post Thursday, saying MGM has more than 4,000 film titles, 17,000 TV episodes and awards that “will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers.”
Amazon plans to draw on the vast MGM library, with famous characters such as Rocky, RoboCop and Pink Panther, to create new movies and shows.
“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” MGM’s Chief Operating Officer Chris Brearton said in a statement.
The latest acquisition comes as antitrust regulators 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 violated other federal laws in testimony on its competition practices.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
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You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
