amazon.com Inc. announced it has closed an $8.5 billion deal to buy MGM, combining the legendary Rocky and James Bond maker with the online retail giant, as it seeks to entice consumers to consume more streaming video.
Amazon said in a blog post that it will welcome all MGM employees to the company and will work with the studio’s management, stating there will be no layoffs.
The decision to close the operation comes after the deadline for the United States Federal Trade Commission (CFC) to challenge the agreement has expired.
The Seattle-based retailer announced the deal in May 2021, saying MGM offered a treasure trove of content to develop and use to lure consumers into its streaming and fast-shipping Prime club, which is priced at $14.99 per month. monthly in the United States.
The CFC did not immediately respond to a request for comment.
According to Amazon, the MGM staff will join the organization of Mike Hopkins, senior vice president of Prime Video and Amazon Studios.
Nearly a year later, Amazon is clear of regulatory hurdles in the process. The European Commission approved the deal on Tuesday without conditions, saying it does not present competition concerns.
Similarly, Amazon had previously informed the CFC that it had “substantially complied” with requests for information about the deal.
Source: Gestion
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