Amazon Closes $8.45Bln MGM Studio Acquisition

MGM has a nearly century-long legacy of producing exceptional entertainment. (Reuters)
MGM has a nearly century-long legacy of producing exceptional entertainment. (Reuters)
TT
20

Amazon Closes $8.45Bln MGM Studio Acquisition

MGM has a nearly century-long legacy of producing exceptional entertainment. (Reuters)
MGM has a nearly century-long legacy of producing exceptional entertainment. (Reuters)

Amazon.com Inc on Thursday said it had closed its $8.5 billion deal to buy Metro-Goldwyn-Mayer (MGM) media company, combining the fabled moviemaker with the online retailing giant as it looks to draw consumers through more streaming video

A press statement said 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.

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

The pact was first announced in May 2021 and has been winding its way through the regulatory process.

The European Commission, which rules on competition issues in the EU, said in a statement Tuesday that the proposed transaction would raise "no competition concerns" and "cleared the case unconditionally."

This is the second-largest acquisition for Amazon after purchasing Whole Foods.

The purchase of the movie and TV studio behind iconic films like the James Bond franchise, Rocky, The Silence of the Lambs and Legally Blonde is just the latest in big-name media and streaming-service mergers.

In August, the Federal Trade Commission received a letter from the Strategic Organizing Center, a democratic union federation representing more than 4 million workers in the Service Employees International Union, the International Brotherhood of Teamsters, the Communications Workers of America and the United Farmworkers.

The group argued at the time that the approval of the deal would help Amazon suppress competition in the streaming market.

FTC noted that the agency has the latitude to file a legal challenge even after the parties have closed a transaction.

“The FTC does not comment on any particular matters. However, we reiterate that the Commission does not approve transactions and may challenge a deal at any time if [the agency] determines that it violates the law,” FTC spokesperson Betsy Lordan stated.



Türkiye Orders Detention of Eight Suspects over Alleged Stock Market Manipulation

Traders work at their desks on the floor of the Borsa Istanbul Stock Exchange, Istanbul, Türkiye, May 22, 2018. (AFP Photo)
Traders work at their desks on the floor of the Borsa Istanbul Stock Exchange, Istanbul, Türkiye, May 22, 2018. (AFP Photo)
TT
20

Türkiye Orders Detention of Eight Suspects over Alleged Stock Market Manipulation

Traders work at their desks on the floor of the Borsa Istanbul Stock Exchange, Istanbul, Türkiye, May 22, 2018. (AFP Photo)
Traders work at their desks on the floor of the Borsa Istanbul Stock Exchange, Istanbul, Türkiye, May 22, 2018. (AFP Photo)

Turkish authorities have issued detention orders for eight suspects accused of manipulating stock prices on the Borsa Istanbul and causing financial losses to small investors, state-owned Anadolu news agency reported on Monday.

It said that the prosecutor's investigation found unusual price and volume volatility in shares traded on the stock exchange, specifically in one stock.

The suspects are being investigated on charges of establishing a criminal organization and market fraud, Anadolu said, with police seeking the suspects in four Turkish cities.

The case comes amid heightened scrutiny of financial crimes in Türkiye, where regulators have pledged to protect market stability and investors.