The move aims to empower the company in the entertainment world while providing its streaming service, Amazon Prime Video, with even more content to fill its already extensive library. This should help Amazon challenge rivals such as Netflix (NFLX) and Disney + in the extremely competitive streaming market. The deal, which was first announced in May, covers MGM and its more than 4,000 films and 17,000 TV shows under the Amazon umbrella. None of them are bigger than the James Bond series, which has raised billions of dollars in the last 60 years. The gentle British spy’s latest film, No Time To Die, grossed over $ 770 million worldwide since its release in October.
“MGM has a legacy of nearly a century of creating exceptional entertainment and we share their commitment to delivering a wide variety of original movies and TV shows to a global audience,” said Mike Hopkins, senior vice president, Prime Video and Amazon Studios. statement.
MGM also owns other notable brands including “Rocky”, “The Handmaid’s Tale”, “RoboCop”, “Legally Blonde” and the Epix TV network.
The transaction was closed without opposition from the Federal Trade Commission.
In July, The Information announced that the regulator could fight the deal. However, The Wall Street Journal reported earlier this month that Amazon “has certified to the FTC that it has provided all information requested by antitrust investigators,” and a deadline has been set for the agency to file a legal complaint by mid-March. The antitrust commission also approved the deal, stating that Amazon’s purchase of MGM “would not raise competition concerns.” merger activities, driven by the ever-evolving streaming market. For example, CNN’s parent company, WarnerMedia, is merging with Discovery under an agreement announced last year. The merger, which brings together content from a number of major providers, including Warner Bros., Discovery Channel, CNN, HBO, TNT and HGTV, received approval from the Justice Department last month.