There is horrendous news from Hollywood but not a scandal famous artist. But Amazon officially annexed MGM worth USD 8.5 billion .
As is well known, MGM is the most iconic studio in Hollywood history. The studio is behind the James Bond films, The Silence of the Lambs and Rocky.
"MGM has a nearly century-old heritage of producing great entertainment, and we share their commitment to delivering a broad range of original films and television shows to a global audience," said Mike Hopkins, SVP of Prime Video and Amazon Studios.
Amazon's acquisition of MGM is the second largest ever. Previously, the company made by Jeff Bezos had bought Whole Foods.
The purchase of MGM will strengthen Amazon's position in the entertainment industry, especially video streaming. Because all of MGM's collection of 4,000 films and 17,000 television shows will be available on Prime Video.
It is undeniable that the competition for video streaming services is getting fiercer. Many companies are issuing various moves to compete with Netflix and Disney+. Like AT&T merging WarnerMedia with Discovery, which includes HBO, CNN, HGTV and others, to create a streaming giant.
The Amazon and MGM deal was first announced in May 2021. Jeff Bezos also said Amazon was very pleased with MGM during the company's annual shareholder meeting.
The Information page reported in July that regulators may oppose the deal. However, The Wall Street Journal reported earlier this month that Amazon "confirmed to the FTC that it has provided all the information requested by antitrust investigators" and that a deadline was set for the agency to file a legal challenge by mid-March.
The European Union's antitrust commission also approved the deal recently, saying Amazon's purchase of MGM "would not cause any competition problems."