Amazon closes purchase of mgmf or $8.5 billion

Amazon has closed its $8.5 billion acquisition of movie and TV studio MGM, the companies said Thursday.

The deal gives Amazon control of one of Hollywood’s most storied brands, with a catalog of more than 4,000 film titles, including the James Bond and “Rocky” franchises, plus such classics as “The Silence of the Lambs.”

Amazon’s purchase of MGM was first announced in May.

The transaction was thought to be in the crosshairs of the Federal Trade Commission, led by Amazon critic Lina Khan. The Biden administration has signaled its opposition to tech giants growing too big and powerful. But the deadline for regulators to intervene has now passed.

The European Commission approved the Amazon-mgm deal this week, concluding that “the transaction would raise no competition concerns” in Europe.

It remains to be seen how MGM will fit with Amazon’s existing film and TV production business, Amazon Studios. The company has had some success on the Amazon Prime streaming service with shows such as “The Marvelous Mrs. Maisel” and acquired movies like “Coming 2 America.” Aaron Sorkin’s “Being the Ricardos,” released by Amazon, earned multiple Oscar nominations.

MGM’S recent films, such as “Cyrano” and the best-picture nominee “Licorice Pizza,” have been released exclusively in theaters rather than going straight to streaming.

When Amazon announced the deal, the company said it wanted to mine MGM’S vault for reboots, remakes and other franchise opportunities. MGM has a long legacy of filmmaking, with titles including “The Pink Panther” and “Thelma & Louise.”