Amazon Closes $8.5 Billion Acquisition of MGM

variety.com:

Jennifer Maas TV Business WriterAmazon has closed its $8.5 billion acquisition of MGM first announced last May, the companies said Thursday.Per Amazon, “The storied, nearly century-old studio—with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards—will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers.”The completion of the transaction comes two days after the Amazon-MGM deal received clearance from the European Union’s antitrust regulator, which “unconditionally” approved Amazon’s proposed acquisition of MGM, in part because “MGM’s content cannot be considered as must-have.” The European Commission, in its antitrust review, found that the overlaps between the Amazon and MGM businesses are “limited.” At that time, the deal was still pending approval by the U.S.

Federal Trade Commission, which had been given a mid-March deadline by Amazon to issue a decision on approval of the transaction, the Wall Street Journal reported.

That meant if the FTC did not file a legal challenge before the deadline, Amazon could move forward with the deal, per the report.“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said. “We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”Chris Brearton, chief operating officer of MGM, added: “We are excited for MGM and its bounty.