MGM Studios officially belongs to Amazon

On Thursday (March 17), Amazon announced the successful acquisition of MGM Studios for $8.45 billion, the studio behind legendary film franchises like James Bond and Rocky. This event demonstrated Amazon’s ambitious competitive action against other streaming platforms such as Netflix, HBO GO, etc.

The Seattle-based retailer announced a deal in May 2021 whereby MGM will offer a range of content to lure consumers to its Prime streaming service, for a fee of 14, $99 per month in the US.

The European Commission concluded that the merger of Amazon and MGM would not significantly reduce competition in the market. And this deal has been unconditionally approved by the competent authorities of the European Union (EU).

Earlier, Amazon informed the FTC (Federal Trade Commission) that it had complied with the majority of requests for information about the deal. However, the FTC has yet to take any action on this event, although it has said that it will sue if it finds out that there is a violation.

Amazon said it would welcome all MGM employees to the company and work with the studio’s management. MGM employees will join the organization of Mike Hopkins, senior vice president of Prime Video and Amazon Studios.

“We welcome MGM employees, creators and talent to Prime Video and Amazon Studios, let’s work together to create even more opportunities to deliver quality content,” he declared.