Seattle’s Amazon closes $8.5 billion acquisition of MGM
by SOURAV D | VIEW 1010
Amazon.com Inc., a brainchild of Jeff Bezos, the 58-year-old world’s richest man to-date having had assets worth of $173.2 billion, has concluded a planned $8.5 billion acquisition of MGM, the Seattle, Washington-headquartered world’s largest online retailer has said in a statement on Thursday. In point of fact, latest move from Amazon.com Inc came forth nearly a year after it had announced the purchase, as the streaming industry giant seemingly took longer than anticipated to steer clear the regulatory obstacles. If truth is to be spoken, the MGM merger has been an entirely win-win dead for the Seattle-based tech conglomerate, as the $8.5 billion buyout in effect will come up with a nearly century-old studio apart from numerous Academy Awards and thousands of blockbuster film tiles as well as TV episodes, all of which will be accessible to Amazon Prime Video subscribers.
Amazon concludes $8.5 billion MGM merger
Following the announcement, Amazon.com Inc has said in a statement on Thursday, “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”.
More importantly, the conclusion of the deal, which was sealed back in May 2021, comes forth just two days after the EU anti-trust regulators had “unconditionally” approved the merger accord. The EU Commission said in its anti-trust review that the overlaps between Amazon.com Inc as well as MGM businesses would be limited and which was why it decided to “unconditionally” greenlight the slated merger.
Meanwhile, after the Amazon.com Inc statement, MGM COO (Chief Operating Officer) Chris Brearton said, “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.
MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come”.