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Amazon closing in on deal to buy legendary film studios where Rocky and James Bond were made
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By Nagasunder in Business News, posted March 16, 2022
Amazon is thought to be days away from concluding its purchase of MGM, the famous studios where Rocky and James Bond were made.
The purchase is tied up with legal issues as antitrust authorities in the US and Europe must decide whether the $8.5 billion sale violates antitrust law.
Jeff Bezos' company announced the deal last year, saying it offered a huge amount of content to develop and attract customers to its Prime fast-shipping and streaming service.
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EU antitrust regulators are expected to approve the planned acquisition without conditions.
They had until Tuesday, March 15, to act.
The Federal Trade Commission in the United States is approaching its deadline for deciding whether the deal violates antitrust law.
The online retailer has complied with the FTC's requests for information about the deal, which started the clock for the FTC to make a decision.
Exactly when Amazon might close the deal, subject to whether or not the FTC attempts to stop the MGM merger, is not yet known.
The FTC, whose Chair Lina Khan gained internet fame with a law review article entitled "Amazon's Antitrust Paradox," has a comprehensive antitrust probe open into Amazon as part of government antitrust inquiries begun under the Trump administration into the four big tech platforms, including Facebook and Google.
If Amazon wins endorsement, the online retailer and cloud-computing giant would be able to ramp up the race with streaming rivals Netflix and Disney +.
MGM would boost Amazon Prime Video's offering with more than 4,000 film titles, in addition to this year's Oscar-nominated "Licorice Pizza" and a long list of television shows.
Source: USNews
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