MGM Acquisition Deal at USD 8.5 Billion Officially Closed by Amazon
Amazon has now completed its purchase of MGM for $8.5 billion, nearly one year after the deal was announced.
According to Variety, the agreement was first announced last May, as claimed by Amazon. “The storied, nearly century-old studio — with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards — will complement Prime Video and Amazon Studios' work in delivering a diverse offering of entertainment choices to customers.”
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After Europe's antitrust regulator accepted the transaction, it went through. At the same time, the US Federal Trade Commission gave Amazon a March (mid-month) deadline. The FTC has neither publicly opposed nor approved the deal. Insiders informed me that the FTC does not usually agree on contracts.
The companies have yet to reveal the structures of the now combined businesses. Reports suggest that Amazon Studios' current head, Jennifer Salke, will take charge and serve as the joint studio's executive director.
Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, said: “MGM has a nearly century-long legacy of producing exceptional entertainment. We share their commitment to delivering a broad slate of original films and television shows to a global audience. We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios.
We look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”
It's too soon to tell what sorts of projects will result from this blockbuster agreement.
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