Amazon.com has officially closed its £6.5bn deal to buy MGM movie studio, just two days after Tuesday’s green light from the European Commission (EC).
The EC said the acquisition did not pose any competition concerns.
Amazon’s landmark acquisition will see the 100-year-old entertainment giant coming under the control of the online retail giant. A host of iconic shows and movies will allow Amazon to bolster its existing video streaming library in a bid to attract more consumers to its Amazon Prime offer.
The final decision to close the deal came today, as the deadline for the US Federal Trade Commission to challenge the transaction has now also passed.
MGM Studios currently owns the rights to a string of lucrative and popular franchises, including James Bond, Rocky and recent television series The Handmaid’s Tail. These will all pass to Amazon as part of the deal.
MGM employees and senior leadership will be joining the Prime Video and Amazon Studios teams, according to a blog post from Amazon senior vice president Mike Hopkins, who also indicated there would be no redundancies.
“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” Hopkins said.
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”
Amazon first announced its intention to acquire MGM back in May 2021, saying it offered a trove of content to develop and use to draw consumers to its Prime service.
The addition of MGM’s extensive content library — as well as possibility of creating more originals — is expected to help Amazon’s streaming service get an edge on other streaming giants such as Netflix and Disney+.