FTC OKs Amazon’s MGM buy
March 17, 2022
Amazon has closed its $8.5 billion (€7.6bn) acquisition of film studio Metro-Goldwyn-Mayer (MGM) after Federal Trade Commission (FTC) passed the deal.
European Union regulators signed off on the MGM deal after finding it posed no competition problems. In the US, the deadline for the FTV to challenge passed without the agency taking action.
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.
When news of a deal first emerged in May 2021, Mike Hopkins, SVP of Prime Video and Amazon Studios, commented: “MGM has a vast catalogue with more than 4,000 films—12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons – as well as 17,000 TV shows – including Fargo, The Handmaid’s Tale, and Vikings – that have collectively won more than 180 Academy Awards and 100 Emmys. The real financial value behind this deal is the treasure trove of IP in the deep catalogue that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling.”