Amazon.com Inc closes $8.5 billion acquisition of MGM

In a statement Amazon.com Inc said, it had closed its $8.5 billion acquisition of MGM. It welcomes all MGM employees to the company and will work with the studio’s leadership, indicating that it would not lay off employees.

On Tuesday, the European Commission had approved the deal with no conditions attached. Amazon had also earlier informed the FTC that it had “substantially complied” with requests for information on the deal.

The acquisition will bolster Amazon’s Prime Video’s offering with more than 4,000 movie titles, including this year’s Oscar-nominated “Licorice Pizza” as well as a huge list of TV shows which have helped Amazon compete with peers such as Disney+ and Netflix.

Hopkins has praised MGM’s “broad slate of original films and television shows.”

“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together,” said Hopkins.

The FTC has opened a broader probe into Amazon as part of government antitrust investigation which begun during the Trump Administration into the four big tech platforms, including Google and Facebook.



Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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