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Amazon says MGM studios buyout is complete

DONE DEAL This file illustration photo taken May 26, 2021 shows the Amazon logo on a smartphone in front of the MGM lion on a computer screen in Los Angeles. Amazon has closed its $8.45-billion deal to buy the storied MGM studios, the online giant said on Thursday, March 17, 2022, boosting its streaming ambitions with a catalog including the James Bond and Rocky film franchises. Amazon’s dominance in online retailing has drawn anti-monopoly scrutiny, but this buyout won approval from EU authorities on March 15, while US regulators have not blocked the agreement originally announced in May 2021. AFP PHOTO

DONE DEAL This file illustration photo taken May 26, 2021 shows the Amazon logo on a smartphone in front of the MGM lion on a computer screen in Los Angeles. Amazon has closed its $8.45-billion deal to buy the storied MGM studios, the online giant said on Thursday, March 17, 2022, boosting its streaming ambitions with a catalog including the James Bond and Rocky film franchises. Amazon’s dominance in online retailing has drawn anti-monopoly scrutiny, but this buyout won approval from EU authorities on March 15, while US regulators have not blocked the agreement originally announced in May 2021. AFP PHOTO

WASHINGTON, D.C.: Amazon has closed its $8.45-billion deal to buy the storied MGM studios, the online giant said on Thursday (Friday in Manila), boosting its streaming ambitions with a catalog including the James Bond and Rocky film franchises.

Amazon’s dominance in online retailing has drawn anti-monopoly scrutiny, but this buyout won approval from EU authorities days ago while American regulators have not blocked the agreement originally announced in May.

The deal bolsters Amazon Prime Video with some 4,000 films and 17,000 television episodes as it faces off with the likes of Netflix and Disney in a booming market.

“Amazon and MGM announced that MGM has joined Prime Video and Amazon Studios,” the companies said in a joint statement.

The European Commission, which rules on competition issues in the European Union, said in a statement on Tuesday that the proposed transaction would raise “no competition concerns” and “cleared the case unconditionally.”

According to reports, the US Federal Trade Commission (FTC) faced a mid-March deadline of its own for making a decision on whether to approve the takeover.

The FTC declined to comment on the deal.

In the deal for Metro Goldwyn Mayer, which has been through a series of ownership changes and bankruptcy in recent years, Amazon acquired an iconic Hollywood name.

In addition to the James Bond franchise, MGM owns the rights to film productions including “Rocky,” “Legally Blonde” and “Tomb Raider,” and television shows such as “The Handmaid’s Tale” and “The Real Housewives of Beverly Hills.”

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