Business Signs Deal to Purchase MGM Movie Studio – Blog

FILE PHOTO: Smartphone with Amazon logo can be seen in this image above the displayed MGM logo
FILE PHOTO: Smartphone with Amazon logo seen in front of displayed MGM logo in this May 26, 2021 illustration. REUTERS/Dado Ruvic/Illustration

March 17, 2022

WASHINGTON (Reuters) – Inc announced on Thursday it has closed its $8.5 billion deal to buy MGM and the storied filmmaker behind ‘Rocky’ and ‘James Bond’ with the online retail giant combined to entice consumers through more streaming video.

In a blog post, Amazon said it would welcome all MGM employees to the company and work with the studio’s leadership, suggesting there would be no layoffs. The decision to close comes after a deadline for the US Federal Trade Commission to contest the deal.

The Seattle-based retailer announced the transaction in May 2021 and said MGM offers a wealth of content that can be developed and leveraged to attract consumers to its fast-shipping and streaming club Prime, which has 14, Costs $99 per month.

The FTC did not immediately respond to a request for comment.

According to Amazon, MGM employees will join the organization of Mike Hopkins, senior vice president of Prime Video and Amazon Studios.

Almost a year later, Amazon has no regulatory hurdles to continue. The European Commission approved the deal unconditionally on Tuesday, saying it would not raise any competition concerns. Likewise, Amazon previously told the FTC that it had “substantially complied” with requests for information about the deal.

(Reporting by Diane Bartz, Jeffrey Dastin and Dawn ChmielewskiEditing by Nick Zieminski) Signs Deal to Purchase MGM Movie Studio – Blog


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