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HomeEntertainmentAmazon Closes $8.5-Billion Deal to Acquire Hollywood Studio MGM

Amazon Closes $8.5-Billion Deal to Acquire Hollywood Studio MGM

Amazon Closes $8.5-Billion Deal to Obtain Hollywood Studio MGM

Amazon announced Thursday it has closed its acquisition of Hollywood studio MGM, 2 days after European regulators stated the offer “would not substantially lower competition” in European markets.The retail giant had revealed the $8.5 billion(roughly Rs. 64,719 crore)deal in May, making it the company’s second-largest acquisition following its$13.7 billion(roughly Rs. 104311.8 crore)offer with Whole Foods in 2017. The most current acquisition was targeted at improving Amazon’s streaming services to complete versus Netflix and Disney+. The Wall Street Journal reported previously this month Amazon certified to the Federal Trade Commission it supplied details looked for by antitrust investigators concerning the deal, adding it might be complimentary to close the purchase if the commission doesn’t file a legal obstacle before a mid-March deadline.One of the oldest studios in Hollywood, MGM has actually been through bankruptcy and new sets of owners in the previous decade while its new releases dwindled.Amazon praised the deal in an article Thursday, saying MGM has more than 4,000 film titles, 17,000 TELEVISION

episodes and awards that”will match Prime Video and Amazon Studios’work in providing a varied offering of home entertainment options to consumers.”Amazon plans to draw on the huge MGM library, with popular characters such as Rocky,

RoboCop and Pink Panther, to create new motion pictures and shows.”We are excited for MGM and its bounty of renowned brands, famous films and tv series, and our unbelievable team and creative partners to sign up with the Prime Video household,”MGM’s Chief Operating Officer Chris Brearton stated in a statement.The newest acquisition comes as antitrust regulators inspect Amazon for its wider practices and operations. Recently, House legislators asked the Justice Department to investigate whether the tech giant and senior executives obstructed Congress or broke other federal laws in statement on its competition practices. © Thomson Reuters 2022 Released at Fri, 18 Mar 2022 10:53:16 +0000

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