The European Union (EU) announced on Tuesday its authorization to the proposed purchase of Metro Goldwyn Meyer (MGM) studios by e-commerce giant Amazon, considering that the operation does not represent a competition problem in Europe.
The $8.4 billion deal reinforces the operations of Amazon Prime Video, the arm of the company that competes with Netflix and others in a rapidly evolving market.
In a statement, the European Commission indicated that Amazon's acquisition of MGM does not raise “competition concerns” in the bloc, and therefore granted the green light “unconditionally”.
The purchase gives Amazon control over the legendary Metro Goldwyn Mayer Studios, an iconic Hollywood brand, although it has undergone a series of ownership changes and bankruptcies in recent years.
In addition to the James Bond franchise, MGM owns the rights to film productions such as Rocky, Legally Blonde and Tomb Raider, and television programs such as The Handmaid's Tale and Real Housewives Of Beverly Hills.
ARP/AHG/MB
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