It is now official. The famous Hollywood film studio MGM is now owned by Amazon, allowing the e-commerce giant to significantly expand the catalog of Prime Video, its streaming service.
Regulators have approved (for now)
The announcement of the takeover of MGM Studios was made by Amazon last May. Nonetheless, the company had to wait for regulators’ approval to complete the $8.5 billion deal. This is now done: the European Union has indeed given its “ unconditional approval to the operation, judging that it did not violate anti-competition laws. The European Commission has thus declared that “ MGM content cannot be considered must-see and believes that the overlaps between Amazon’s and the studio’s businesses are ” limits “.
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On the side of the United States, the Federal Trade Commission (FTC), which supervised the acquisition, had until March 15 to render its verdict. Since she gave no opinion, Amazon felt she was okay with it and therefore finalized her takeover. As noted by the specialized media variety however, the role of the FTC is not to formally approve transactions; she may or may not dispute them and, if she chooses to dispute them, she may do so before or after they are completed.
Amazon Prime Video will expand
Studio founded in 1924, MGM has in its catalog more than 4,000 films, 17,000 television episodes, and has garnered nearly 180 Oscars and 100 Emmy Awards. ” MGM has a heritage of nearly a century of producing exceptional entertainment, and we share their commitment to delivering a wide range of original movies and TV shows to global audiences. We welcome MGM employees, creators and talent to Prime Video and Amazon Studios, and look forward to working together to create even more opportunities to deliver quality stories to our customers. said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in A press release.
Amazon’s streaming service will host the MGM Studios catalog. Photography: Thibault Penin / Unsplash
With this acquisition, the catalog of Amazon’s streaming service will greatly improve, which should allow it to compete more with the number 1 in the sector, Netflix and Disney +. Moreover, it can also boost its e-commerce activity, since people who subscribe to Prime Video have a Prime subscription on the Amazon marketplace.
As of now, the companies have yet to reveal what management of the now-merged MGM and Amazon will look like. However, variety specifies that the management team of MGM joins the group led by Mike Hopkins. The latter includes Head of Cinema, Michael De Luca, and Head of Television Group, Mark Burnett.
As a reminder, MGM Studios has in its catalog cinema classics such as the James Bond, Rocky and Creed franchises, as well as the feature films Thelma & Louise, The Silence of the Lambs, The Magnificent Seven and Raging Bull.