Amazon Is To Seal The Deal To Buy MGM Winning An $8.5 EU Antitrust Nod



Image Credit – Economic Times



Amazon is finally going to seal the deal to buy the media studio MGM with online retailer’s merger plans draws near. The studio is well-known for producing iconic movies like James Bond and Rocky. Amazon has won antitrust approval in the EU.

Now the antitrust agencies in the US have to make up their mind whether the eCommerce joint’s $8.5 billion deal to buy MGM defies the antitrust law. The company made its transaction in May 2021. As per Amazon, the organization has offered a lot of rich content for them to develop and attract more customers to its Prime streaming and fast-shipping service.

The EU antitrust regulators had till March 15th to clear the planned acquisition without conditions. Next, the US Trade Commission also has a deadline to decide whether the deal breaks the antitrust law. The deadline of the FTC is in mid-March, as per the sources.

The online retailer also agreed with the request FTC made. They expressed the desire to get access to more information on the deal. Now the FTC has to make a decision very soon, said the Wall Street Journal.

When Amazon will seal the deal depends on FTC’s decision to stop the merger between the two companies.

FTC’s chairperson Lina khan became popular on the internet with her law revived article called ‘Amazon’s Antitrust Paradox’. The FTC has started a wide-ranging antitrust investigation on Amazon as a part of the antitrust investigations by the government. It started under the Trump Administration that was performed upon other big tech firms such as Facebook and Google.

If Amazon is able to seal the deal with MGM, it will give serious competition to rivals like Disney+ and Netflix.

MGM will add over 4,000 film titles to Amazon Prime Videos including the latest Oscar-nominated film, ‘Licorice Pizza’, and a massive collection of TV shows.


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