Home Tech Amazon closes $8.5B deal to acquire Hollywood studio MGM | Technology News

Amazon closes $8.5B deal to acquire Hollywood studio MGM | Technology News

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Amazon announced Thursday it has closed its acquisition of Hollywood studio MGM, two days after European regulators said the deal “would not significantly reduce competition” in European markets.

The retail giant had announced the $8.5 billion deal in May, making it the company’s second-largest acquisition following its $13.7 billion deal with Whole Foods in 2017. The latest acquisition was aimed at boosting Amazon’s streaming services to compete against Netflix and Disney+.

The Wall Street Journal reported earlier this month Amazon certified to the Federal Trade Commission it provided information sought by antitrust investigators regarding the deal, adding it could be free to close the purchase if the commission doesn’t file a legal challenge before a mid-March deadline.

One of the oldest studios in Hollywood, MGM has been through bankruptcy and new sets of owners in the past decade while its…

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