In a significant development, Amazon is expected to win an unconditional approval from the European Commission for its $8.5 billion acquisition of U.S. movie studio MGM, said sources familiar with the matter.
The move is likely to heat up competition with streaming rivals Netflix and Disney+.
The deal, which was announced in May 2021, would strengthen Amazon’s video streaming service.
MGM also licences content for video games, which could benefit Amazon’s development efforts in that area.
The European Commission is scheduled to take a decision by March 15.
“Completion of the transaction is subject to regulatory approvals and other customary closing conditions, and we’re working with regulators to respond to requests,” said Amazon.
As per a source familiar with the matter at hand, the Federal Trade Commission is also nearing a mid-March deadline on the deal.
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