Amazon.com said on Thursday that it had completed its $8.5 billion acquisition of MGM’s movie studios.
The e-commerce giant company said it will incorporate all MGM employees and will work closely with the studio’s leadership, indicating there will be no layoffs.
The deal closes after the deadline for the United States Federal Trade Commission (FTC) to contest the transaction has expired.
The retailer announced the transaction in May 2021 and nearly a year later, it is clear of regulatory hurdles. The European Commission approved the deal on Tuesday, without restrictions.
MGM bolsters its Amazon Prime Video offering with more than 4,000 movie and franchise titles like “James Bond” as well as this year’s Oscar nominee “Licorice Pizza” and a long list of television shows that can help Amazon compete with the Disney group’s streaming rivals Netflix and Disney+.
Source: CNN Brasil
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