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Benzinga
Benzinga
Politics
Anusuya Lahiri

Amazon Consummates MGM Deal Post Clean Chit From Regulators

Amazon MGM Netflix European Union FTC Amazon.com Inc. Amazon.com Inc Apple Disney Needham
  • Amazon.com Inc (NASDAQ:AMZN) closed the $8.5 billion acquisition of film studio Metro-Goldwyn-Mayer after a clean chit from the U.S. FTC and EU.
  • The EU contended that the deal would not hamper competition as the two companies did not significantly overlap in content production, the Wall Street Journal reports.
  • The FTC also did not take any action to block the deal.
  • Also Read: Needham Sees Netflix Losing Out To Amazon, Disney, Apple and Other Streaming Rivals
  • In May, Amazon agreed to acquire MGM firing up rivalry with the likes of Netflix Inc (NASDAQ:NFLX).
  • The MGM takeover marked Amazon's biggest acquisition since Whole Foods.
  • Price Action: AMZN shares traded higher by 0.99% at $3,092.52 on the last check Thursday.
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