Nearly one year later, Amazon has officially closed its acquisition of MGM at $8.5 billion USD.
Variety has reported that the deal was first announced last May as per 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.” The transaction was complete after the deal received clearance from the EU’s antitrust regulator. At the same time, the deal was also pending review from the U.S. Federal Trade Commission which gave Amazon a mid-March deadline. However, by early this week, the FTC has neither publically challenged or approved the deal. But insiders confirmed that the FTC does not normally formally approve transactions and that they only challenge them if they see fit.
The companies have not yet disclosed how the merger will affect the internal structure of the now merged companies. Rumors have stated that the current head of Amazon Studios, Jennifer Salke, would lead and serve as the chief of the joint studio. In a statement, Mike Hopkins, senior VP of Prime Video and Amazon Studios said, “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. 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.”
It remains to be seen what kind of projects this blockbuster deal will bring in the near future.
Elsewhere in entertainment, Samuel L. Jackson reveals he wants to return to Star Wars with his own spin-off.
Tagged: business, ENTERTAINMENT