Amazon moves to press for FTC decision on $8.5 billion MGM Studios deal
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Amazon.com (NASDAQ:AMZN) is making moves to press the Federal Trade Commission's decision on its multibillion-dollar deal to acquire MGM Studios (OTC:MGMB), setting up a mid-March deadline for action.
The tech/retail giant certified to the FTC that it provided all information requested from antitrust investigators, the WSJ reports - and that triggers a short clock for the FTC to file a legal challenge before Amazon can close the purchase.
The FTC could issue legal challenges to the acquisition (which would be Amazon's second-biggest, after Whole Foods) after the deal is closed - but consummating it could remove some uncertainty for both companies and allow Amazon to move forward with its plans for integration, as well as making unwinding it more difficult.
Meanwhile, a review in Europe could also impact U.S. deadlines and buy the FTC more time, the WSJ notes. And complicating matters for FTC chairwoman Lina Khan (who has spoken out against Amazon's power previously) is not only the short deadline but the fact that a vacancy on the commission means it's split 2-2 between Democrats and Republicans.
FTC staff has reportedly made its recommendation on the deal and sent it up to the FTC front office for consideration.
The FTC opened its thorough probe last July. Amazon and MGM came to the deal for $6.5 billion ($8.45 billion including debt) last May.