Home Stock Market Amazon.com closes deal to purchase MGM film studio -blog By Reuters

Amazon.com closes deal to purchase MGM film studio -blog By Reuters

Amazon.com closes deal to purchase MGM film studio -blog By Reuters

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© Reuters. FILE PHOTO: Smartphone with Amazon brand is seen in entrance of displayed MGM brand on this illustration taken, Might 26, 2021. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters) -Amazon.com Inc on Thursday mentioned it had closed its $8.5 billion deal to purchase MGM, combining the fabled film maker behind “Rocky” and “James Bond” with the net retailing large because it seems to attract shoppers by means of extra streaming video.

In a weblog publish, Amazon (NASDAQ:) mentioned it could welcome all MGM staff to the corporate and work with the studio’s management, indicating there wouldn’t be layoffs. Its resolution to shut comes after a deadline handed for the U.S. Federal Commerce Fee to problem the deal.

The Seattle-based retailer introduced the transaction in Might 2021, saying MGM provided a trove of content material to develop and use to attract shoppers to its fast-shipping and streaming membership Prime, which prices $14.99 monthly in america.

The FTC didn’t instantly reply to a request for remark.

In accordance with Amazon, MGM’s workers will be a part of the group of Mike Hopkins, senior vp of Prime Video and Amazon Studios.

Almost a yr later, Amazon is obvious of regulatory hurdles to proceed. The European Fee authorized the deal Tuesday, with no situations, saying it could not pose competitors issues. Likewise, Amazon earlier knowledgeable the FTC that it had “considerably complied” with requests for details about the deal.

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