Amazon closes $8.5 billion purchase of MGM Studios
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Wasting no time, Amazon (NASDAQ:AMZN) said Thursday it closed its $8.5 billion deal to purchase MGM Studios (OTC:MGMB) - its second-biggest acquisition ever.
"MGM has joined Prime Video and Amazon Studios," the companies said. "The storied, nearly century-old studio â with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards â will complement Prime Video and Amazon Studiosâ work in delivering a diverse offering of entertainment choices to customers."
That comes just two days after the deal won approval from Europe - and without the expected pushback from the U.S. Federal Trade Commission.
Amazon was clearly hot to finish the deal a couple of weeks ago when it provided certification to the FTC that it provided all information requested, a move that set up a "shot clock" of a mid-March deadline before the company could close the deal.
Despite a decision that seemed like a toss-up at the FTC, the agency was dealing with a 2-2 split between Democrats and Republicans due to a vacancy. And the FTC could have won more time if a hurdle to the deal was put up in Europe, but that was not the case.
The FTC could still issue legal challenges to the transaction but it will be difficult to unwind, and Amazon is clearly moving full speed ahead with integration.