LONDON (AP) — European regulators on Tuesday cleared Amazon’s purchase of Hollywood studio MGM, saying the deal raised no competition concerns.
The online shopping giant said last year it was buying MGM as part of an $8.45 billion deal to bolster its video streaming service with more content to watch.
The European Commission said its investigation found the deal “would not significantly reduce competition” in European markets, including for film and television production, the wholesale supply of television channels and the supply to the detail of “audiovisual services”.
The commission, the European Union’s executive arm and its chief competition watchdog, said MGM’s content could not be considered “must have” and that it was “not among the top studios in production”, although he owns the rights to successful franchises, including James Bond.
Known for its roaring lion logo, MGM is one of Hollywood’s oldest studios but its star has faded significantly over the years.
It still has an extensive library, featuring famous characters like Rocky, RoboCop, and Pink Panther, which Amazon said it will use to create new movies and shows.
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