{"id":16314,"date":"2022-03-19T15:27:05","date_gmt":"2022-03-19T15:27:05","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=16314"},"modified":"2022-03-19T15:03:18","modified_gmt":"2022-03-19T15:03:18","slug":"amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio","title":{"rendered":"Amazon closes $8.5bn deal to buy MGM movie studio"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Amazon.com Inc. said it closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer after regulators declined to challenge the deal, cementing the company\u2019s biggest takeover in five years.<\/p>\n

The closing, announced Thursday in a statement on the company\u2019s website, marks the latest deal by a U.S. technology giant to win approval despite criticism that the companies have been able to gobble up smaller firms with little pushback from competition enforcers.<\/p>\n

European Union regulators signed off on the MGM deal Tuesday after finding it posed no competition problems. In the U.S., the deadline for the Federal Trade Commission to challenge the deal before the deal closed passed without the agency taking action.<\/p>\n

The FTC still has the authority to sue to block the deal in the future if a majority of commissioners vote to file a lawsuit. The commission is currently split between two Republicans and two Democrats, including Chair Lina Khan, while President Joe Biden\u2019s nominee for the fifth seat awaits Senate confirmation.<\/p>\n

Amazon shares were little changed at $3,062.67 at 9:35 a.m. in New York.<\/p>\n

Amazon agreed in May to buy MGM to deepen its library of streaming content, one of the perks of membership in the company\u2019s Prime delivery service. MGM, the studio behind the James Bond franchise, adds a back catalog of 25,000 hours that Amazon could divvy up between its Prime Video offering, or its free-to-stream, ad-supported IMDb TV.<\/p>\n

The takeover is Amazon\u2019s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion. In 2020 and 2021, alone, Amazon spent a combined $24 billion on video and music for its streaming services.<\/p>\n

Previously, Amazon has acquired smaller startups it perceived as a threat \u2014 footwear seller Zappos, for example, or Diapers.com parent Quidsi. Amazon also has snatched up-and-comers in new business lines, such as the game platform Twitch or Kiva, which makes warehouse robots.<\/p>\n

About a month after the deal was announced, Biden named Khan to lead the FTC, putting a fierce critic of Amazon in charge of the agency. Khan rose to prominence in the antitrust world with a 2017 paper she wrote as a law student about Amazon\u2019s dominance. Titled \u201cAmazon\u2019s Antitrust Paradox,\u201d it traced how the online retailer came to control key infrastructure of the digital economy and how traditional antitrust analysis fails to consider the danger to competition posed by the company.<\/p>\n

Bloomberg Intelligence analyst Jennifer Rie said in a research note that even if Khan is able to secure a majority vote to challenge the MGM deal, the agency would likely lose in court. The deal doesn\u2019t unduly concentrate any market or significantly alter the competitive dynamic in video content or streaming, Rie said.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Amazon.com Inc. said it closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer after regulators declined to challenge the deal, cementing the company\u2019s biggest takeover in five years. The closing, announced Thursday in a statement on the company\u2019s website, marks the latest deal by a U.S. technology giant to win approval despite […]<\/p>\n","protected":false},"author":84,"featured_media":16313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,281,283],"class_list":["post-16314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nAmazon closes $8.5bn deal to buy MGM movie studio - Mozambique<\/title>\n<meta name=\"description\" content=\"Amazon.com Inc. said it closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer after regulators declined ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon closes $8.5bn deal to buy MGM movie studio\" \/>\n<meta property=\"og:description\" content=\"Amazon.com Inc. said it closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer after regulators declined ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-19T15:27:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-6235f098a22aa.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Amazon closes $8.5bn deal to buy MGM movie studio\",\"datePublished\":\"2022-03-19T15:27:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\"},\"wordCount\":470,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-6235f098a22aa.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/amazon-closes-8-5bn-deal-to-buy-mgm-movie-studio\",\"name\":\"Amazon closes $8.5bn deal to buy MGM movie studio - 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