Amazon said on Thursday that it had completed its $8.5 billion acquisition of Metro-Goldwyn-Mayer (MGM), bringing together the historic studio known for blockbusters like “Rocky” and “James Bond” with the digital commerce company in an effort to entice more customers with on-demand video.
A statement from Amazon stated that all MGM employees would be welcomed into the company and that the studio’s managers will be working with it. It made the decision to close after the deadline for the U.S. Federal Trade Commission to counter the deal had passed.
After the deal was announced in May 2021, Amazon stated that MGM’s vast library of content would entice customers to its $14.99-a-month Prime service, which provides speedy shipping and streaming of movies and TV shows.
It’s been about a year since Amazon has had to deal with regulatory issues. With no limitations attached, the European Commission approved the deal on Tuesday. For its part, Amazon said it had “substantially complied” with FTC requests for details on the purchase in an earlier filing.
Mike Hopkins, Amazon’s senior vice president of Prime Video and Amazon Studios, will take over MGM’s employees.
Among the more than 4,000 movies added by MGM are the Oscar-nominated “Licorice Pizza” and a huge list of television shows that might help Amazon compete with Netflix and Disney+, its streaming competitors.
MGM staff, filmmakers, and talent would be welcomed to Prime Video and Amazon Studios. Both companies will work together to provide even more avenues to deliver outstanding entertainment.
It has been a decade since MGM filed bankruptcy that the Hollywood studio has been owned by a group of hedge funds and holding corporations, which led to the decision to sell off its assets.
