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Amazon completes deal to acquire MGM Studios

Amazon completes deal to acquire MGM Studios
Posted at 9:50 AM, Mar 18, 2022
and last updated 2022-03-18 05:51:30-04

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After submitting more than 3 million documents to the Federal Trade Commission (FTC) as part of an eight-month-long anti-trust review process, Amazon has closed a deal worth $8.45 billion that allows the company to acquire MGM Studios.

Since MGM owns more than 4,000 movie titles, from the James Bond franchise to “Legally Blonde,” and 17,000 television series episodes, the deal is expected to bring a big influx of movies and TV shows to the Prime Video library.

“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” Chris Brearton, chief operating officer of MGM, said in a statement.

MGM Studios shared the news on Twitter, as well.

What The Merger Means For Consumers

The deal might not mean much change for MGM fans, at least for now. For instance, the company does not anticipate changes in planned release dates or projects that MGM already has in progress.

Though MGM’s award-winning library is expected to be used to boost the offerings on Amazon Prime Video, Amazon says it has no plans to make MGM content exclusive to its Prime Video customers. And while the company does intend to back future theatrical releases, it will do so on a case-by-case basis.

“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,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said in a statement. “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.”

In addition to the Bond and Rocky franchises, MGM’s library includes “Stargate,” “Survivor,” “The Voice,” “The Real Housewives of Beverly Hills,” “The Handmaid’s Tale” and more. Upcoming movies include “Creed,” “Legally Blonde 3” and “Samaritan.”

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The FTC Continues To Examine The Deal

Although the deal closed after a regulatory deadline passed with no action from the FTC, the commission continues to investigate the giant retailer regarding its industry dominance. If a majority of the five-member commission voted to do so, it could challenge the acquisition later.

Meanwhile, European regulators have approved the deal. This is Amazon’s largest acquisition since it obtained Whole Foods for $13.7 billion in 2017. MGM will be overseen by Senior Vice President Mike Hopkins, and no layoffs are planned.

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