September 26, 2022

Robotic Notes

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Amazon closes $8.5B MGM deal, its second-largest acquisition ever

1 min read

Amazon said Thursday that its deal to acquire Hollywood studio MGM, announced in May 2021, has closed.

The $ 8.45 billion deal is Amazon’s second-largest acquisition behind its $ 13.7 billion purchase of Whole Foods in 2017. MGM will provide Amazon with more than 4,000 films and 17,000 TV shows that have collectively won more than 180 Academy Awards and 100 Emmys.

Regulators in the US were reportedly operating under a March 15 deadline to determine whether to challenge the deal.

Amazon did not provide details on the FTC review of the deal in its announcement Thursday.

Earlier this week, the European Commission gave unconditional approval to Amazon’s acquisition, saying Tuesday that its review determined the deal “would raise no competition concerns” in the European region.

The Wall Street Journal reported that the FTC could still challenge the acquisition.

Amazon previously sought the recusal of FTC Chairwoman Lina Khan from the merger review, pointing specifically at her previous criticisms of the company’s reach and power.

The deal comes as regulators increasingly take aim at Big Tech and antitrust-related legislation.

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