from amazon MGM purchase completed for $8.45 billion, without a public response from the FTC on whether or not it will challenge the settlement. Reports have suggested for months that the FTC was considering a challengeand The Wall Street Journal noted earlier this month that Amazon certified that it had given the FTC all the necessary information, setting a mid-month deadline to close the deal, with or without a response from the agency and its new leader, Lina Khan.
Earlier this week, the European Union’s antitrust commission gave the green light to the purchase of Amazon, pointing out that the “transaction would not generate competition problems”, since the “overlaps” between both companies are “limited”. Amazon seems to have taken that as approval enough and closed the deal nearly a year later. both companies signed it for the first time.
Amazon’s landmark acquisition of the entertainment giant behind james link, Rocky, the addams family, The Handmaid’s Tale, and a host of other iconic shows and movies should help bolster Amazon’s existing Prime Video library. Amazon Senior Vice President Mike Hopkins said in a statement, “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 storytelling to our customers.” customers”.
The addition of MGM’s massive collection, not to mention the possibility of more originals, may help Amazon’s streaming service gain an advantage over Netflix, HBO Max and the Disney family of services. As it stands, Prime subscribers pay a (newly raised) $139 fee/annual fee to gain access to the 26,000 movies and 2,700 series available on Prime Video, along with other perks like free two-day shipping on any purchase on the site.
This news comes as other media giants look to shake things up in the streaming industry. Last year, AT&T announced that it is WarnerMedia merger with Discovery in a move that encompasses shows from major networks including HBO, CNN, Cartoon Network, HGTV, TLC, Food Network and more. The fusion it was just approved by the US government in Februaryand HBO Max and Discovery Plus will be combined into one app as a result.